Bitfufu doubles Q3 revenue from interest payments as cloud miners
The Singapore-based cloud mining company has doubled its revenue from the third quarter, as it seeks to mine machines in the cloud with the impact of Bitcoin's price.
Total revenue increased 100% year-over-year to $180.7 million, compared to $122 million in the cloud mining day, according to Bitfuu's Q3 earnings reports on Wednesday.
The increase is due to the strong demand for cloud miners, users to purchase mining equipment, and the continuous expansion of mining capacity.
Bitfufu operates its own mining farms, Capicon (BTC) directly. In addition, it sells mining machines, provides hosting services, and allows users to rent or buy them for a fee.
Cloud mining is increasing with losses
Bitfuu's CODU-moding users increased by more than 40 percent to 641,526 in the same period last year. In the same period last year, it increased by 35 million dollars compared to 0.3 million dollars.
Q3 was $61,000 compared to last year's average price of $114,500.
“This growth reflects strong demand for mining machines, supported by the continued support of Bitcoin prices,” Mariau said.
The debris of the network also rose at the beginning and exceeded 687 billion a year ago, according to the analysis platform YCats. Cloud saving enables users to activate my cryptography without the need to maintain and upgrade their hardware.
Mining Bukkon also contributed to the revenues
Bitcoin miners have the potential of April 2024 extinction services where mining rewards will be cut.
Correspondingly, the Q3 revenue is double the year over year
However, Bitfuu cero li ou lo modcoin bee continued to grow and generate income for the company.
“Our strong third quarter results show the benefits of cloud mining revenue directly involved with a different cloud mining model with self-storage operations.
“This model allows us to manage volatility and profitability through cycles, and provides us with a strong balance sheet, returns that are very compelling for investments.
Bitfuu added 174 riccoins in Q3 and compared to the same period in 2024, the total units increased by 19% to 1,962 coins.
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