BitFuFu Slashes Self-Mined BTC, Goes All-In on Cloud

BitFuFu's self-mined Bitcoin production collapsed in 2025 — not because the company stumbled, but because it chose to. The Singapore-based miner reported a 76% decline in self-mined output, dropping from 2,537 BTC in 2024 to just 611 BTC last year, as it deliberately reallocated hashrate toward its cloud mining business. Total revenue still ticked up 2.7% to $475.8 million, masking a fundamental restructuring of how the company makes money from Bitcoin mining.

Why BitFuFu Pulled Back From Self-Mining

The short answer: economics stopped making sense. BitFuFu's 2025 full-year financial results show that daily Bitcoin earnings per terahash dropped 52% during the year, driven by rising mining difficulty across the network. Couple that with a 47% reduction in hashrate allocated to self-mining and you get a sharp fall in self-mined coins — from 2,537 BTC to 611 BTC — that looks catastrophic on paper but was largely engineered.

The company framed the decision around capital efficiency. Keeping miners running for your own account in a tightening-margin environment ties up capital with unpredictable returns. Selling that same hashrate capacity to cloud-mining customers converts those erratic mining rewards into something closer to a subscription fee — predictable, recurring, and easier to model. That's the core logic BitFuFu is betting on.

Self-mining revenue fell roughly 60% to $63.1 million from $157.5 million in 2024. It stings. But the company is clearly not trying to hide it — they're explicitly calling it a strategic choice, not a performance failure. Whether the market agrees is another question.

Cloud Mining Now Carries the Business

Cloud mining revenue reached $350.6 million in 2025, up from $271 million the prior year — and it now accounts for roughly 74% of BitFuFu's total revenue. That's a meaningful jump from 58.5% in 2024. The company's cloud mining platform essentially lets retail and institutional buyers purchase hashing power without owning or operating hardware, and BitFuFu pockets the margin between infrastructure costs and what customers pay.

Combined annual production across both self-mining and customer cloud-mining activity came in at 3,662 BTC — 611 BTC from the company's own miners and 3,051 BTC attributed to cloud-mining customers. That second figure is the one BitFuFu cares most about growing. It shows that even as their own coin output drops, the total volume of Bitcoin passing through their platform is expanding.

Mining equipment sales added another growth story to the picture. That segment rose 76% year over year to $53.7 million, which suggests BitFuFu is monetizing its supply chain and hardware relationships in a way that most pure-play miners don't. It's a useful hedge — equipment sales don't require block rewards to generate revenue.

Looking ahead to 2026, we will scale our cloud mining business, expand hashrate and power capacity with discipline, and continue building our Bitcoin treasury.

What Does This Mean for Bitcoin Miners Broadly?

BitFuFu's pivot deserves more scrutiny than the headline numbers suggest. The 2024 halving crushed per-terahash economics for every miner — that's not controversial. But most publicly listed mining companies responded by chasing more hashrate, raising capital, and betting on higher prices bailing them out. BitFuFu took a different road: shrink your own mining footprint, sell the capacity instead.

It's a bet that the cloud-mining customer base is large enough and sticky enough to sustain 74% of revenues indefinitely. That's not obvious. Cloud mining products have historically carried a reputation problem — retail buyers burned by shady operators over the years have made the category harder to sell. If BitFuFu can professionalize the product and hold onto enterprise customers, the model works. If it can't, it has traded a volatile but tangible asset stream for a volatile revenue line with worse optics.

CEO Leo Lu said the company plans to focus on acquiring mining infrastructure in 2026 and will continue reviewing partnership opportunities as part of a vertical integration strategy. That language is deliberately vague — it could mean data center acquisitions, energy deals, or hardware supply agreements. The company also noted it holds 1,778 BTC on its balance sheet, up slightly from 1,720 BTC at the end of 2024, and said it remains committed to growing that treasury position. A modest treasury increase of just 58 BTC in a year when Bitcoin prices were rising — that's the detail in this report that deserves a harder look.