BitFuFu Inc(NASDAQ:FUFU) has reported second-quarter net income of $47.1 million, a 3,441% year-over-year increase, as demand for cloud mining accelerated.
What HappenedL Chairman and Chief Executive Officer Leo Lu, in an interview with Benzinga, said institutional adoption and the company’s scale made cloud mining a central growth driver, with more than half of Q2 revenue from new customers.
“Cloud mining is attractive because it delivers exposure to both price appreciation and transaction fee revenue without the headaches of equipment procurement, logistics, and site operations,” Lu told Benzinga.
He added that BitFuFu’s scale, with 36.2 EH/s of hashrate in Q2 and 38.6 EH/s in July, ensures consistent supply and efficiency that smaller rivals cannot match.
According to BitFuFu’s unaudited financial results, total revenue …