According to BitFuFu's 2025 performance report, the company's business structure has undergone a significant transformation, with cloud mining surpassing self-mining to become the primary source of revenue.
Data shows that in 2025, BitFuFu's self-mining output plummeted to 611 Bitcoins, a sharp decline from 2,537 Bitcoins in 2024, representing a 76% drop. Despite this, the total amount of Bitcoins held by the company saw a slight increase, rising from 1,720 Bitcoins a year ago to 1,778 Bitcoins.
BitFuFu attributes this shift in business focus to multiple factors: the decline in Bitcoin earnings per unit of hash power (per TH), increased mining difficulty, and a reduced proportion of hash power allocated to self-mining. To address these challenges, the company has gradually increased its reliance on cloud mining products.
Specifically, in 2025, the average daily Bitcoin earnings per TH fell by 52% due to increased mining difficulty, while the hash power allocated to self-mining decreased by 47%. Although Bitcoin prices rose in 2025, these factors collectively prompted BitFuFu to decide to reallocate hash power resources, shifting more from self-mining to cloud mining.
BitFuFu explained that this move aims to enhance capital efficiency and make the company's revenue more stable and predictable. As a result, self-mining revenue in 2025 saw a significant year-on-year decline of approximately 60%, dropping from $157.5 million the previous year to $63.1 million.
Cloud Mining Business Surpasses Self-Mining
In 2025, cloud mining contributed approximately 74% of BitFuFu's total revenue, amounting to $350.6 million. In comparison, cloud mining's revenue share in 2024 was 58.5%, contributing $271 million.
For 2025, BitFuFu reported an annual total Bitcoin production of 3,662 Bitcoins, which includes 611 Bitcoins from self-mining and 3,051 Bitcoins produced by customers through cloud mining activities.
Additionally, BitFuFu's mining machine sales business also saw significant growth, with a year-on-year increase of 76%, reaching sales of $53.7 million.
BitFuFu Plans Development Focus for 2026
Although the total amount of Bitcoins held by BitFuFu increased by only 58 Bitcoins in 2025, the company has clearly stated its commitment to expanding its Bitcoin reserves in 2026.
“Looking ahead to 2026, we will continue to scale up our cloud mining business, expand hash power and electricity capacity in a disciplined manner, and continue to increase our Bitcoin reserves,” the company stated in a release on the X platform.
BitFuFu CEO Leo Lu stated that the company will focus on acquiring mining infrastructure in 2026 and will continue to assess potential collaboration opportunities to advance its vertical integration strategy.