Press release
BitFuFu Reports Unaudited Second Quarter 2024 Financial Results
SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) (“BitFuFu” or the “Company”) a fast-growing digital asset mining service and
About this update from Bitfufu Inc.
[{"type":"text","content":"SINGAPORE, Aug. 20, 2024 (GLOBE NEWSWIRE) -- BitFuFu Inc., (NASDAQ: FUFU) (“BitFuFu” or the “Company”) a fast-growing digital asset mining service and world-leading cloud-mining service provider, today reported its unaudited financial and operational results for the quarter ended June 30, 2024. Second Quarter 2024 Operational Highlights Hosting capacity of 522 MW diversified across 25 sites on three continents, compared with 374 MW across 17 sites on three continents during the same period of 2023.Total mining capacity under management increased 62.5% to 24.7 EH/s, compared to 15.2 EH/S during the same period of 2023.Cloud-mining registered users increased 86.8% to 395,056 as of June 30, 2024, compared to 211,502 as of June 30, 2023.Bitcoin (“BTC”) production from self-mining operations decreased 23.1% to 780 BTCs from 1,014 BTCs in the same period of 2023.BTC production by customers from cloud-mining solutions decreased 29.2% to 1,272 BTCs, compared with 1,797 BTCs in the same period of 2023.Cost to mine BTC1 from self-mining operations averaged US$51,887 per BTC versus US$19,344 per BTC in the same period of 2023. MetricAs of June 30,20242023Hosting capacity (MW)522374Total mining capacity under management (EH/s) 224.715.2Cloud-mining registered Users 395,056211,502 Three Months Ended June 30,20242023BTC Produced From BitFuFu self-mining operations7801,014By customers from cloud-mining solutions 31,2721,797Average BTC produced per day by customers and BitFuFu22.530.9 Second Quarter 2024 Financial Highlights Total revenue was US$129.4 million, representing an increase of 69.7% from US$76.3 million in the same period of 2023.Revenue from cloud-mining solutions was US$77.0 million, an increase of 66.8% from US$46.2 million in the same period of 2023.Revenue from Bitcoin self-mining operations was US$51.1 million, an increase of 81.0% from US$28.2 million in the same period of 2023.Net income was US$1.3 million, compared to US$5.1 million in the same period of 2023.Adjusted EBITDA (a non-GAAP metric) was US$8.3 million, a decrease of 39.6% from US$13.8 million in the same period of 2023. Results in the second quarter of 2024 included a non-cash unrealized fair value loss4 on BTC of US$16.4 million compared to no fair value loss in 2023. Adjusted EBITDA in the second quarter of 2023 included a US$2.2 million non-cash impairment los...