Cloud Mining Drives 70% Revenue Growth for Bitfufu in Q2 2024, Earning $77 Million

Bitfufu Inc. reported a 69.7% revenue increase in Q2 2024, reaching $129.4 million, driven primarily by a surge in cloud mining services, which generated $77 million and accounted for nearly 60% of total revenue.

Despite this growth, net income dropped to $1.3 million due to a $16.4 million non-cash unrealized fair value loss on Bitcoin holdings and rising costs in BTC mining. The company also saw an 87% increase in registered users, though rising expenses led to a 39.6% decline in adjusted EBITDA to $8.3 million.

Clever Robot News Desk 22^nd August 2024