BitFuFu Inc.

The company operates in the cryptocurrency mining sector, focusing on Bitcoin self-mining, sales of mining equipment, and hosting services. Revenue from Bitcoin self-mining is generated from Bitcoin mining rewards distributed by pool operators for hash calculations performed. The company uses the Full-Pay-Per-Share method, with daily Bitcoin payouts confirmed at midnight UTC for the previous 24 hours' calculations and settled the following day. The company is compensated regardless of whether the mining pool successfully records a block. As of the report date, 99% of self-mining revenues recognized from valid hash calculations have resulted in corresponding Bitcoin receipts. Revenue from sales of mining equipment comes from purchasing equipment from suppliers and reselling it to customers. Revenue from hosting services and others is derived from customers deploying their own miners in the company's or its suppliers' facilities. Customers retain miner usage rights and pay service fees. The company provides or procures hosting services, including rack space, power, network, hardware maintenance, and other infrastructure, combining them with proprietary services like performance monitoring and stability optimization into an integrated hosting solution. Cost of revenue was US$271.4 million in 2023, US$433.6 million in 2024, and US$448.6 million in 2025.