BitFuFu Q3 revenue doubles as rising Bitcoin prices boost miner demand
The average cost of Bitcoin during Q3 last year was $61,000, in contrast to $114,500, according to BitFuFu, which led more miners to buy up machines and use cloud mining to get some for themselves.
Singapore-based cloud Bitcoin miner BitFuFu doubled its third-quarter revenue from the previous year, driven by demand for cloud mining and equipment as miners sought to capitalize on the rising price of Bitcoin.
Total revenue increased 100% to $180.7 million compared to the same period last year, with cloud mining making up $122 million, according to BitFuFu’s Q3 earnings report on Wednesday.
The increase was sparked by strong demand for cloud-mining solutions, users buying up mining equipment, and the continued expansion of mining capacity.
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