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BTC BitFuFu's second-quarter results: Falling bitcoin prices and weak cloud mining demand hit revenue hard
BitFuFu's second-quarter financial report showed that falling bitcoin prices and weakening cloud mining demand have had an extremely rapid impact on the revenue side of mining companies. The Nasdaq-listed company disclosed on August 17 that its revenue fell 62.9% year-on-year to $42.8 million.
The decline in revenue is not limited to a single business segment. Revenue from cloud mining solutions has shrunk significantly, and mining machine sales have dropped to zero. After achieving a net profit of US$47.1 million in the same period in 2025, the company recorded a net loss of US$20.5 million this quarter.
Cloud mining business dragged down overall revenue
Cloud mining solutions contributed revenue of US$24.9 million, a decrease of 73.6% from US$94.3 million in the same period last year. Bitrich attributed this to lower selling prices, cooling market sentiment and a decrease in orders from existing customers.
Own mining revenue was more resilient, falling from US$14.8 million to US$14 million. The company said that the average computing power allocated to its own mining increased by 47% year-on-year, partially offsetting the impact of a 9.7% decrease in revenue per Taiwanese day due to a 27.5% drop in average bitcoin prices and increased network difficulty.
Bitrich's average bitcoin price for the quarter was US$71,600, compared with US$98,800 in the same period last year. Its digital asset holdings incurred a fair value loss of US$16.9 million and adjusted earnings before interest, tax, depreciation and amortization (EBITDA) of minus US$18.4 million.
Computing power and power capacity contraction
As of the end of June, the management strength was 15.3 EH/s, a decrease of 57.7% from 36.2 EH/s in the same period last year. Electricity capacity dropped from 728 MW to 273 MW. Bitrich said the reduction is not a simple contraction, but is aimed at improving the quality and economy of deployed capacity.
The company stated that after obtaining additional capacity, management computing power had returned to approximately 20EH/s as of mid-August. This recovery is crucial because quarter-end data shows that even as the proportion of owned mining business increases, the operating base has shrunk significantly.
Bitcoin inventory reserves become operating tools
As of June 30, Bitrich held 1,671 bitcoins, down from 1,792 in the same period last year. The company said it sold some bitcoins during this period to support operations and computing power purchases. Cash, cash equivalents and digital assets totaled US$119.5 million, down from US$177.1 million at the end of 2025.
This way of using Bitcoin contrasts with companies that have accumulation as their primary goal. This difference is noteworthy when investors track institutional demand through Bitcoin and Ethereum fund flows: Operating mining companies may sell reserves to protect production capacity, even if long-term beliefs remain unchanged.
Bitrich said that the second half of the year will focus on efficiency, capital discipline and selective deployment. The next test is whether the restored computing power can improve revenue without recreating the cost structure that management has been optimizing.
