Bitcoin Mining Company BitFuFu Reports 149% Revenue Growth in Q1 2024

According to Foresight News, Bitcoin mining company BitFuFu has announced unaudited financial results for the first quarter ending March 31, 2024. The company reported a total revenue of $144.4 million, marking a 149% increase compared to the same period in 2023 when it stood at $58 million.

The company's cloud mining solution revenue was $81.5 million, up 181% from $29 million in the same period in 2023. Revenue from BitFuFu's self-mining business was $60.1 million, a 117% increase from $27.7 million in the corresponding period in 2023.

However, due to an increase in Bitcoin mining difficulty, the company's self-mined Bitcoin output decreased by 11% to 1,103 BTC from 1,239 BTC in the same period in 2023. As of March 31, 2024, the combined balance of its cash, cash equivalents, and digital assets was $163.7 million.