Crypto mining solutions BitFuFu recently released its unaudited financial and operational results for the quarter.
Digital asset mining service BitFuFu recently reported an increase in its Q2 2024 revenue compared to its earnings in Q1 and Q2 2023.
The cloud-mining service company reported a total revenue of US$129.4 million, representing an increase of 69.7% from US$76.3 million in the same period of 2023. Specifically, its revenue from Bitcoin self-mining operations saw a total of US$51.1 million, an increase of 81.0% from US$28.2
million in the same period of 2023.
Overall, BitFuFu saw a 87% increase year-over-year and a 23% rise sequentially from its first quarter of 2024. Its revenue from cloud-mining contributed to approximately 60% of its revenue in the second-quarter.
Calla Zhao, Chief Financial Officer, said, “BitFuFu continues to maintain a healthy balance sheet with a net cash position of $52.5 million, including digital assets, as of the end of the second quarter, which provides a solid foundation to execute on our growth strategy.”
With the bullish sentiment in the first half of 2024, BitFuFu increased the volume of BTCs sold in the second quarter at favorable spot rate, leading the company to realise a US$9.9 million gain on the sale of digital assets. Its remaining BTCs held by the Company is being retained for further potential capital appreciation and capitalise on favorable market conditions.
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