Self-Mining Costs Spike to $77,573 Per BTC, Forcing Strategic Shift
BitFuFu Inc. swung to a $57.4 million net loss for the full year 2025, a dramatic turnaround from the $54.0 million net profit recorded in 2024. The loss was driven by a collapse in the profitability of its self-mining operations and a $32.8 million fair value loss on its digital asset holdings. The company's average cost to mine a single Bitcoin from its own operations surged to $77,573 in 2025, a sharp increase from $47,496 in the previous year. This margin compression rendered the unit uneconomical, causing revenue from self-mining to plummet to $63.1 million from $157.5 million in 2024. Consequently, BitFuFu drastically scaled back, with its self-mined Bitcoin production falling to 611 BTC from 2,537 BTC in the prior year.
Cloud Mining Revenue Climbs 29.4% to $350.6M
In response to the deteriorating economics of self-mining, BitFuFu accelerated its pivot to a services-oriented model. The company's Cloud Mining Solutions segment became the primary growth engine, with revenue increasing 29.4% year-over-year to $350.6 million. This division now accounts for 73.7% of BitFuFu's total revenue, up from 58.5% in 2024. The shift is supported by growing operational scale, as total mining capacity under management grew 11.1% to 26.1 EH/s and the number of registered cloud mining users rose 14.2% to 675,765.
While GAAP results were impacted by unrealized fair value movements in Bitcoin and digital-asset-related receivables, we ended the year with $177.1 million of combined cash and digital assets and built a solid foundation to navigate the current weaker market conditions.
— Leo Lu, Chairman and CEO of BitFuFu.
Adjusted EBITDA Plummets 93% to $8.3M
From an operational standpoint, the company's financial performance deteriorated significantly. Adjusted EBITDA, a non-GAAP metric that strips out non-cash items, collapsed by over 93% to $8.3 million for 2025, down from $117.9 million in 2024. This figure provides a clearer view of the erosion in core profitability. Despite the weak results, BitFuFu maintained a stable liquidity position, ending the year with $177.1 million in combined cash and digital assets. However, investors reacted negatively to the report, with BitFuFu's stock (NASDAQ: FUFU) trading down 5.38% to $2.13 following the announcement.
