BitFuFu Inc. Reports Strong Q2 2024 Results
BitFuFu Reports Strong Second Quarter 2024 Financial Results
BitFuFu Inc. (NASDAQ: FUFU), a fast-growing digital asset mining service and world-leading cloud-mining service provider, reported its unaudited financial and operational results for the quarter ended June 30, 2024.
Second Quarter 2024 Operational Highlights
In the second quarter of 2024, the company saw significant growth in various operational metrics:
- Hosting capacity rose to 522 MW across 25 sites on three continents, compared to 374 MW across 17 sites during the same period in 2023.
- Total mining capacity under management increased by 62.5% to 24.7 EH/s from 15.2 EH/S in the previous year.
- Cloud-mining registered users surged by 86.8% to 395,056, up from 211,502 a year prior.
- Bitcoin production from self-mining operations decreased by 23.1% to 780 BTC from 1,014 BTC year-over-year.
- BTC production by customers from cloud-mining solutions also fell by 29.2% to 1,272 BTC.
- The cost to mine BTC from self-mining operations averaged US$51,887, up from US$19,344 in the same quarter of 2023.
Financial Highlights for Q2 2024
The company's financial performance was notably strong:
- Total revenue reached US$129.4 million, marking a 69.7% increase from US$76.3 million in Q2 2023.
- Revenue from cloud-mining solutions amounted to US$77.0 million, up by 66.8% from US$46.2 million a year earlier.
- Revenue from Bitcoin self-mining operations climbed to US$51.1 million, an 81.0% increase from US$28.2 million.
- Net income was US$1.3 million, down from US$5.1 million in the same period the previous year.
- Adjusted EBITDA stood at US$8.3 million, down 39.6% from US$13.8 million in Q2 2023, primarily due to a non-cash unrealized fair value loss on BTC.
- The combined balance of cash, cash equivalents, and digital assets was US$155.0 million as of June 30, 2024, compared to US$76.0 million at the end of 2023.
Company Commentary
“BitFuFu delivered another strong quarter, achieving a 70% year-over-year increase in total revenue,” said Leo Lu, Chairman and CEO. He noted a substantial increase in the cloud-mining user base and revenue, which constituted approximately 60% of total revenue for the quarter. The strategy allows BitFuFu to effectively hedge against Bitcoin price volatility.
Calla Zhao, CFO, emphasized the company's healthy net cash position of $52.5 million, providing a solid foundation to execute the growth strategy.
Conference Call Details
The management team will hold an earnings conference call at 8:00 A.M. U.S. Eastern Time to discuss the results.
About BitFuFu
BitFuFu is a leading player in the digital asset mining sector, dedicated to providing secure and innovative cloud-mining solutions. The company has received early investment from Bitmain and is committed to fostering a compliant and transparent blockchain infrastructure.
Frequently Asked Questions
What operational highlights did BitFuFu report for Q2 2024?
BitFuFu reported a hosting capacity increase to 522 MW and a total mining capacity under management growth of 62.5%.
How much revenue did BitFuFu generate in Q2 2024?
Total revenue reached US$129.4 million, a significant increase of 69.7% compared to the same quarter in 2023.
What was the net income for BitFuFu in Q2 2024?
Net income for the quarter was US$1.3 million, down from US$5.1 million in Q2 2023.
What is the significance of the cloud-mining business for BitFuFu?
The cloud-mining business accounted for approximately 60% of total revenue and provides a hedge against Bitcoin price volatility.
Where can I find more information about BitFuFu?
For more information regarding BitFuFu and its operations, investors can contact BitFuFu Investor Relations.
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