BitFuFu's Q2 Revenue Plunges 62.9% Amid Bitcoin Slump and Optimization

BitFuFu Inc., a Singapore-based Bitcoin miner and mining services provider, reported its quarterly results for Q2 2026. The company's total revenue fell 62.9% year over year to $42.8 million due to lower Bitcoin prices, weaker demand for cloud mining, and a deliberate optimization of deployed hashrate.

The company swung to a net loss of $20.5 million from a $47.1 million profit in the same period last year. Adjusted EBITDA turned negative $18.4 million, reflecting a $16.9 million fair value loss on Bitcoin and highlighting the impact of crypto market volatility on its earnings.

Operationally, BitFuFu's total managed hashrate dropped 57.7% to 15.3 EH/s and power capacity declined to 273 MW by June 30, 2026. However, self-mining BTC production rose, and hosting revenues increased, underscoring a strategic shift toward higher-quality, more efficient capacity.

The company's cash, cash equivalents, and digital assets decreased to $119.5 million, and its BTC holdings slipped 6.8% to 1,671 BTC as it sold coins to fund operations and hashrate procurement. Management stressed that recently secured hashrate restored capacity to about 20 EH/s by mid-August and is intended to strengthen BitFuFu's positioning for a potential market recovery.