Core

Strong

Million

<a href="https://af.bitfufu.com/QRdO/cwhbatz1" rel="noopener noreferrer nofollow">BitFuFu</a>, backed by <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>, reported robust financial results for Q1 2024, generating $144 million in revenue from proprietary bitcoin mining and cloud mining sales. The firm paid Bitmain $45 million in miner leasing and <a href="https://ultramining.com/news/en/bitcoin-mining-reshaping-landscape-amid-global-interest-surge/" rel="noopener noreferrer nofollow">hosting</a> fees. BitFuFu, which went public in February via a SPAC merger on the Nasdaq exchange, highlighted its significant contributions from the cloud mining segment, which produced 2,096 BTC, generating $81.5 million in revenue. Its proprietary fleet mined 1,103 BTC, resulting in $60.1 million in revenue, according to <a href="https://theminermag.com/news/2024-05-20/bitmain-q1-bitcoin-mining-fees-bitfufu-144-million/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
<figure class="wp-block-image"><img src="https://lh7-us.googleusercontent.com/1HWw47l2wTTeSBDqNeyWVBVBwiTIwFsqxnTHNgUFHxLr-pWkY0rTCYEzn9_ha61xu5xa8uhSF66XdsT4h-bwFdqvAa0YxpcdY0lvIijIg_hT6YVVQzn4fDXKaR9Zn4kEDXh4UcsKC8LrL6gfVSGh04w" alt="">
</figure>
This performance positions BitFuFu as the third-largest public bitcoin mining firm, following <a href="https://ultramining.com/news/en/bitcoin-mining-giant-core-scientific-prepares-for-post-bankruptcy-comeback/" rel="noopener noreferrer nofollow">Core Scientific</a> ($179 million) and <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a> ($165 million) in Q1. BitFuFu's mining fleet, boasting 28.6 EH/s, was split between its cloud mining and proprietary mining segments, supported by a combined power capacity of 644 megawatts.
The company reported a significant increase in its cloud mining customer base, rising to 321,184 by March 31, up from 304,270 at the end of 2023. Existing customers contributed $76 million in Q1 revenue, accounting for 93% of the cloud mining business.&nbsp;
BitFuFu's 180-day bitcoin mining contract using an S19XP is priced at $0.0572/TH/s per day. This translates to an operating cost of $0.108/kWh based on the efficiency of Bitmain’s S19XP model. However, with the recent decline in bitcoin’s hashprice to $50/PH/s post-<a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>, mining profitability has become challenging at an energy rate of $0.1/kWh.

BitFuFu Reports Strong Q1 Performance with $144 Million in Revenue

Ultramining_Eng

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