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BitFuFu Inc. reports developments in Bitcoin mining, cloud-mining services and hosted mining for NASDAQ-listed FUFU. The company operates a cloud mining platform, self-mining activity, miner hosting services and mining equipment sales, with revenue categories that include Cloud Mining Solutions, Self-Mining Operations, Mining Equipment Sales and Hosting Services.
Recurring news covers monthly Bitcoin production, Bitcoin holdings, managed hashrate, self-owned fleet activity, third-party supplier and customer hosting capacity, power capacity and fleet efficiency. Other updates include financial results, hosted mining equipment offerings such as ANTMINER packages, industry conference participation and recognition tied to its mining-services platform and global infrastructure network.
BitFuFu (NASDAQ: FUFU), a leading digital asset and cloud-mining service provider, has appointed Ms. Calla Zhao as Chief Financial Officer, effective May 29, 2024. Ms. Zhao, who has been with BitFuFu as financial controller since September 2021, brings extensive experience from her previous roles at GGG and KPMG. Her expertise was pivotal in BitFuFu’s NASDAQ listing earlier this year. CEO Leo Lu expressed confidence in her ability to drive the company's growth. Ms. Zhao holds a BA in Management from Peking University and is a Certified Public Accountant (CPA).
BitFuFu, a NASDAQ-listed digital asset mining service, reported its unaudited Q1 2024 financial results. Hosting capacity increased to 644 MW, up from 513 MW in Q1 2023, while total mining capacity hit 28.6 EH/s, a 52.1% rise. Cloud-mining users grew 63.5% to 321,184. However, BTC production from self-mining fell 11% to 1,103 BTCs. The cost to mine BTC surged to $39,182 each.
Revenue soared 149% to $144.4 million, driven by a 181% increase in cloud-mining revenue to $81.5 million and a 117% rise in self-mining revenue to $60.1 million. Net income leaped to $35.3 million, up from $2.7 million in Q1 2023. Adjusted EBITDA was $49.9 million, increasing from $9.4 million last year. The company ended the quarter with $163.7 million in cash and digital assets, up from $76 million at the end of 2023.
BitFuFu Inc., a digital asset mining service provider, will report its unaudited financial results for the first quarter on May 20, 2024. The earnings conference call will take place at 8:00 A.M. U.S. Eastern Time. Participants need to register in advance to receive access details.
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