BitFuFu reported a net loss in 2025 as rising mining costs and bitcoin price volatility offset modest revenue growth and a strategic shift toward cloud mining services.
The company generated $475.8 million in revenue, up 2.7% year-on-year, with cloud mining contributing $350.6 million while self-mining revenue fell sharply to $63.1 million.
The shift reflects a broader move toward steadier service-based income as direct bitcoin mining becomes more expensive and less predictable.
BitFuFu posted a net loss of $57.4 million, compared with a $54 million profit in 2024, while adjusted EBITDA dropped to $8.3 million from $117.9 million.
The company said its average cost to mine bitcoin rose to $77,573 per coin in 2025 from $47,496, driven by higher network difficulty and increased reliance on leased hashrate.
Despite weaker profitability, BitFuFu expanded total mining capacity to 26.1 EH/s, with more of that capacity allocated to cloud mining customers as users grew more than 14% year-on-year.
The results align with a broader industry trend, as miners such as CleanSpark and Core Scientific explore AI and high-performance computing to diversify revenue beyond traditional bitcoin mining.