When Your Own Rigs Get Rekt: BitFuFu Pivots to "Someone Else's Problem" Mining After Self-Mining Revenue Craters 76%

Bitcoin miner BitFuFu has executed a classic degen pivot for its 2025 business model, swapping the grind of self-mining for the cushier role of landlord, making cloud mining its new primary revenue driver as its own rigs stopped printing.

The Singapore-based firm posted total 2025 revenue of $475.8 million, a meager 2.7% uptick year-over-year that barely registers on the hype meter. The real story is the implosion of its self-mined Bitcoin haul, which nosedived to a mere 611 BTC from 2,537 BTC in 2024—a brutal 76% haircut that would make any yield farmer weep.

The company, in a masterclass of understatement, blamed the strategic U-turn on weaker Bitcoin earnings per terahash, the network's ever-climbing difficulty, and a "deliberate" decision to stop letting its own machines eat first. Essentially, BitFuFu saw a 52% drop in daily BTC yield per terahash and decided to let its cloud customers shoulder that volatility instead.

Revenue from the thankless task of self-mining cratered by roughly 60% to $63.1 million in 2025, down from $157.5 million. Meanwhile, revenue from the "set it and forget it" cloud mining segment ballooned to $350.6 million, now commanding a dominant 74% of the total pie, up from 58.5% the prior year.

Between its own struggling rigs and the army of cloud customers dutifully hashing away, BitFuFu's combined annual production clocked in at 3,662 BTC. That's 611 BTC from self-mining and 3,051 BTC produced by cloud clients who presumably didn't read the fine print on difficulty adjustments. In a small consolation, the company's Bitcoin treasury still inched up to 1,778 BTC from 1,720 BTC.

Not content with just renting out hashpower, BitFuFu also reported a 76% year-over-year surge in mining equipment sales, raking in $53.7 million—because when the going gets tough, sell the shovels.

Financially, the pivot came with a side of red ink. BitFuFu posted a net loss of $57.4 million for 2025, a stark reversal from its $54 million profit in 2024. Adjusted EBITDA fell off a cliff to $8.3 million from $117.9 million. The most telling stat? The average cost to mine a single Bitcoin ballooned to $77,573, up from $47,496, proving that sometimes, the house doesn't always win.

Despite the profitability headache, the company's empire grew on paper, with total mining capacity under management expanding to 26.1 EH/s from 23.5 EH/s. Its flock of cloud mining users also swelled by over 14% in 2025, a testament to the enduring appeal of passive income dreams.

Gazing into the 2026 crystal ball, BitFuFu says it's still committed to stacking more sats in its treasury and doubling down on its cloud mining empire. CEO Leo Lu signaled a focus on acquiring more mining infrastructure and scouting partnership deals, all part of a grand plan to vertically integrate—or at least own the entire rollercoaster.

This strategic shuffle mirrors a wider industry playbook where miners, tired of riding Bitcoin's volatility solo, are monetizing their infrastructure to secure smoother, if less moonshot, returns.