BitFuFu Q3 revenue doubles as rising Bitcoin prices boost miner demand

The average cost of Bitcoin during Q3 last year was $61,000, in contrast to $114,500, according to BitFuFu, which led more miners to buy up machines and use cloud mining to get some for themselves.

Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter revenue from the previous year, driven by demand for cloud mining and equipment as miners sought to capitalize on the rising price of Bitcoin.

Total revenue increased 100% to $180.7 million compared to the same period last year, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.

The increase was sparked by strong demand for cloud-mining solutions, users buying up mining equipment, and the continued expansion of mining capacity.

Read more