BitFuFu reported $42.8 million in unaudited second-quarter 2026 revenue, down 62.9% from a year earlier. Its average hashrate allocated to self-mining rose 47%, but that figure does not show that the company restored capacity after a disruption.
- Revenue: $42.8 million, down from $115.4 million a year earlier.
- Biggest pressure: Cloud-mining revenue fell 73.6%, while equipment sales dropped to zero.
- Capacity caveat: BitFuFu reported more hashrate allocated to self-mining, not a measured restoration of total mining capacity.
Cloud mining drove the revenue decline
BitFuFu’s second-quarter revenue fell $72.6 million compared with the same quarter in 2025. The company said lower revenue from Cloud Mining Solutions and Mining Equipment Sales was mainly responsible.
Cloud Mining Solutions generated $24.9 million, down 73.6% from $94.3 million a year earlier. BitFuFu pointed to lower average selling prices, falling Bitcoin prices and weaker market sentiment as reasons for the decline in cloud-mining revenue.
The company also reported a 24.1% net dollar retention rate, which it attributed mainly to smaller order volumes from existing customers. Net dollar retention generally tracks how revenue from existing customers changes over time. BitFuFu’s release does not provide enough detail to assess exactly how the rate was calculated or what it was compared with.
Mining equipment sales fell to zero from $5.2 million. BitFuFu blamed lower customer demand amid uncertainty about Bitcoin’s price and broader market sentiment.
Hosting and other revenue rose to $3.9 million from $1.1 million. The company said the increase was mainly driven by its Buy and Host offering.
More hashrate allocated to self-mining, but lower revenue
Self-mining revenue was $14 million, down from $14.8 million in the second quarter of 2025. Over the same period, BitFuFu’s average hashrate allocated to self-mining rose 47%.
Hashrate measures the computing power used to mine cryptocurrency. The 47% figure refers to the average hashrate assigned to BitFuFu’s self-mining operations. On its own, it does not show that the company’s total mining capacity increased or recovered from an earlier disruption.
BitFuFu said average daily Bitcoin earnings per terahash fell 9.7%, partly because network difficulty increased. Network difficulty adjusts how hard it is to mine a block as computing power on the network changes. The company also said its average Bitcoin price fell 27.5%, to $71, 600 from $98, 800. BitFuFu said the higher self-mining hashrate partly offset those pressures.
The company also said it made a prepayment to secure hashrate procurement, which it expects to support future Bitcoin mining output and holdings. The release does not state the amount. The expected contribution is management’s outlook, not output demonstrated during the quarter.
Profitability weakened alongside revenue
Cost of revenue fell 57.4%, to $43.7 million from $102.5 million. BitFuFu said this was mainly due to a decrease in scale. Costs fell less than revenue, leaving an approximate gross loss of $0.9 million, based on revenue minus cost of revenue. A year earlier, the company recorded gross profit of about $12.9 million.
BitFuFu reported a net loss of $20.5 million, compared with net income of $47.1 million in the prior-year quarter. Adjusted EBITDA, a non-GAAP measure, was negative $18.4 million, down from positive $60.7 million a year earlier. The company cautions that adjusted EBITDA has limitations and should not replace standard financial results.
Changes in digital-asset valuations also affected the comparison. BitFuFu recorded a $16.9 million fair-value loss on digital assets and related receivables or payables, compared with a $43.4 million fair-value gain in the second quarter of 2025. That swing contributed to the change in reported earnings. It is separate from sales revenue and does not, by itself, explain the full shift from profit to loss.
As of June 30, 2026, BitFuFu reported a combined $119.5 million in cash and cash equivalents and digital assets, down from $177.1 million at the end of 2025. That combined figure is not cash alone. The company cited the lower fair value of its Bitcoin holdings, repayment of $10 million in Bitcoin-backed loans and a prepayment for hashrate procurement as factors behind the decline.
What the capacity figures show
BitFuFu’s release does not say that capacity was restored, identify a prior outage or other disruption, or quantify how much capacity returned to operation. It reports a higher average hashrate allocated to self-mining and a prepayment for future hashrate procurement. Those are related operational details, but they do not prove that capacity was restored.
The distinction matters because mining hashrate can be assigned to different activities, and revenue depends on more than computing power. Bitcoin prices, network difficulty, customer demand and the company’s mix of services can all affect reported results. BitFuFu’s Q2 figures show a sharp drop in cloud-mining revenue and no equipment sales. Self-mining revenue also edged lower, despite the increase in average hashrate assigned to it.
BitFuFu said its financial results were unaudited in its SEC-hosted earnings release. The company’s comments on market sentiment, customer demand and expected future output are its own statements, not independent findings.
Key questions and answers
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Why did BitFuFu’s revenue fall 63%?
Cloud-mining revenue fell 73.6%, and equipment sales dropped to zero from $5.2 million. BitFuFu cited lower average selling prices, falling Bitcoin prices, weaker market sentiment and lower customer demand.
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Did higher self-mining hashrate increase revenue?
No. Average hashrate allocated to self-mining rose 47% year over year, but self-mining revenue slipped from $14.8 million to $14 million. BitFuFu said higher network difficulty and a lower average Bitcoin price were among the factors weighing on revenue.
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Did BitFuFu restore mining capacity?
The company’s release does not confirm a restoration or describe a prior disruption. It reports a higher average hashrate allocated to self-mining and a prepayment intended to secure future hashrate procurement.
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Are the Q2 results audited?
No. BitFuFu identified its second-quarter 2026 financial results as unaudited.
