BitFuFu’s 2025 results show a clear reorientation of its business mix, with cloud-mining overtaking self-mining as the main revenue driver.
The Singapore-based Bitcoin miner reported revenue of $475.8 million for 2025, up 2.7% year-over-year. Self-mined production fell sharply to 611 BTC in 2025 from 2,537 BTC in 2024, a 76% decline, while the company’s total Bitcoin holdings rose slightly to 1,778 BTC from 1,720 BTC a year earlier.
Management attributed the shift to weaker bitcoin earnings per terahash, a rise in network mining difficulty, and a strategic decision to reduce the share of hashrate devoted to self-mining while prioritizing cloud-mining products. BitFuFu said it reallocated hashrate away from self-mining after daily bitcoin earnings per terahash declined roughly 52%, and the share of hashrate used for self-mining dropped by 47%. Higher bitcoin prices helped offset some of those pressures.
Revenue from self-mining slid about 60% to $63.1 million in 2025, down from $157.5 million in 2024. By contrast, cloud-mining revenue grew to $350.6 million, representing roughly 74% of total revenue in 2025 (up from 58.5% and $271.0 million in 2024). Combined annual production from self-mining and customer cloud-mining totaled 3,662 BTC, composed of 611 BTC from self-mining and 3,051 BTC produced by cloud-mining customers.
Equipment sales also increased, rising 76% year-over-year to $53.7 million.
Looking ahead to 2026, BitFuFu reiterated plans to expand its cloud-mining business, grow hashrate and power capacity prudently, and continue building its bitcoin treasury. The company added 58 BTC to its holdings in 2025, and management said it will focus on enlarging the BTC treasury in 2026. CEO Leo Lu said BitFuFu will pursue acquisitions of mining infrastructure and evaluate partnership opportunities as part of a vertical integration strategy.