BitFuFu Revenue Shifts to Cloud Mining as Self-Mining Drops 60%
Singapore-based Bitcoin miner BitFuFu reported 2025 revenue of $475.8 million (+2.7% YoY), but its business mix shifted sharply toward cloud mining. Self-mining output fell to 611 BTC from 2,537 BTC in 2024 (-76%), and self-mining revenue dropped about 60% to $63.1 million. BitFuFu attributed the change to weaker Bitcoin earnings per terahash, higher mining difficulty, and a lower allocation of hashrate to self-mining.
Cloud mining became the growth engine. In 2025, cloud mining accounted for about 74% of BitFuFu revenue, rising to $350.6 million (up from $271 million and 58.5% share in 2024). Total production reached 3,662 BTC, including 611 BTC from self-mining and 3,051 BTC from customer cloud-mining.
The company also increased mining equipment sales by 76% YoY to $53.7 million and slightly grew its Bitcoin treasury to 1,778 BTC (+58 YoY). For 2026, BitFuFu plans to scale cloud mining, add hashrate and power capacity with discipline, and explore mining infrastructure acquisitions and partnerships.
Neutral
这则消息更多反映矿企商业模式与成本/盈利结构的调整，而非对比特币供需的直接冲击。BitFuFu 在 2025 年将更多算力与收入重心从自营挖矿转向云挖矿，源于每太哈收益走弱和挖矿难度上升。对 BTC 价格层面，自营产量下降与云端扩张主要意味着“谁在承接挖矿收益”的变化，而非立即改变市场层面的整体抛压或净买入。
短期来看，若市场将其解读为行业盈利承压，可能增加对矿业现金流波动的担忧，从而对情绪形成轻微压力；但公司同时披露云挖矿需求占比提升，表明仍有资金流向挖矿敞口，因此影响被部分对冲。长期来看，只要挖矿竞争格局和难度演进保持在预期内，对 BTC 的定价影响仍更可能是“间接的、情绪层面的”。综合两篇信息的时间线（从整体经营数据到自营/云挖矿的结构变化），对 BTC 的净影响更偏中性。