BitFuFu reports Q2 EPS 1c vs. 3c last year

Reports Q2 revenue $129.4M vs. $76.3M last year. 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. Bitcoin production from self-mining operations decreased 23.1% to 780 BTCs from 1,014 BTCs in the same period of 2023. “BitFuFu delivered another strong quarter, achieving a 70% year-over-year increase in total revenue,” said Leo Lu, Chairman and CEO. “We saw a substantial increase in our cloud-mining registered user base, surpassing 395,000 users as of June 30. This represents an 87% increase year-over-year and a 23% rise sequentially from the first quarter of 2024. Cloud-mining revenue contributed approximately 60% of BitFuFu’s second-quarter revenue. Our cloud-mining business enables us to effectively lock in the price of Bitcoin, serving as a hedge against Bitcoin price volatility-a strategy that has proven particularly valuable during the recent sharp decline in Bitcoin prices.”