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Bitmain subsidiary cloud computing power and mining concept stock BitFuFu (NASDAQ: FUFU) reveals details from 2025 financial report:
2025 full year revenue: $476 million
2025 full year net loss: $57.4 million, compared to $54 million profit in 2024
Business breakdown:
1. Cloud computing power: $350.6 million, accounting for 73.7%, YoY growth of 29.4%
2. Self-operated mining: $63.1 million, accounting for 13.3%, down from $157.5 million in 2024, showing obvious contraction
3. Mining rig sales: $53.7 million (vs $30.5 million in 2024)
4. Other (hosting, etc.): $8.4 million
Looking at one critical metric: mining costs
2025 mining cost: $77,573/BTC, compared to $47,496/BTC in 2024
Of which, self-owned mining rig costs: $61,000/BTC; leased computing power costs: $98,000/BTC
Summary:
1. Mining becomes increasingly difficult, cost inflation is the major trend
2. BitFuFu is actively transitioning from "miner" to "computing power service provider"
3. Cloud computing power = B2C / B2B "selling picks and shovels" model, more recession-resistant than mining
4. BitFuFu is no longer a pure mining concept stock, more like "computing power version of AWS"