Cloud Miner BitFuFu Reports 149% Revenue Surge in Q1

BitFuFu Inc., a fast-growing digital asset mining service and cloud mining provider, announced stellar financial results for the first quarter of 2024.

- **Total Revenue**: Up 149% year-over-year to $144.4 million.

- **Net Profit**: Soared 12-fold to $35.3 million.

- **Adjusted EBITDA**: Up 431% to $49.9 million.

BitFuFu's cloud mining solution performed well, with a 63.5% increase in user base to more than 321,000 registered miners worldwide and revenues nearly doubling to $81.5 million. The platform allows customers to purchase computing power at a fixed price, providing downside protection from the turbulent cryptocurrency markets.

Self-mining revenues increased 117% to $60.1 million. Although Bitcoin production fell 11% due to increased network difficulty, this decline was offset by a 70% increase in computing power and a 134% surge in the average Bitcoin price.

BitFuFu landed on the Nasdaq with the stock code "FUFU" and raised funds through a SPAC merger, further strengthening its capital reserves. The company plans to debut in the third quarter with an expected enterprise value of nearly $1.5 billion.

BitFuFu will continue to focus on its unique hybrid model, covering cloud products and self-mining. The CEO emphasized plans to acquire existing facilities or build new facilities to further optimize cost structure and capital allocation and expand profits.

With the Nasdaq listing and strong financial performance, BitFuFu is accelerating the expansion of its leading position in the global cryptocurrency mining market.

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