Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 91

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 91
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 advanced Bitcoin miners for efficient cloud-mining service to our customers and self-mining for our own account, allowing
us to seamlessly adjust business strategies and reduce risk exposure. Leveraging our strategic collaboration with Bitmain Technologies
Ltd., a world-leading cryptocurrency mining hardware manufacturer, we are able to secure a stable supply of advanced Antminer S21
miners.

Our innovative technologies
are one of the key drivers to ensure our leadership position in the global digital asset mining industry. Our proprietary Aladdin system
handles ultra-large scale management and dispatching of hash calculations, and has the maximum capacity to simultaneously connect
millions of miners and to provide services that resolve critical mining problems arising from scalability, efficiency, authenticity, and
securing hash calculations.

We have experienced rapid
growth in the previous three years ended December 31, 2024. Our revenues increased from US$198.2 million in 2022 to US$284.1 million
in 2023 and further to US$463.3 million in 2024. We achieved a net profit of US$2.4 million, US$10.5 million and US$54.0 million
in 2022, 2023 and 2024, respectively. In 2022, 2023 and 2024, our adjusted EBITDA was US$39.6 million, US$41.7 million and US$117.9
million, respectively. As of December 31, 2024, we have mining capacity of 23.5 EH/s, among which 20.3 EH/s were from suppliers or leased
miners, 3.1 EH/s were from our self-owned miners, and 0.1 EH/s were from customers hosted miners. In 2024, 97% of the average daily mining
capacity provided by our self-owned miners were used for self-mining operations, and the rest 3% were used for cloud-mining operations;
73% of the average daily mining capacity provided by the leased miners or third-party suppliers were used for our cloud-mining services,
and the rest 27% were used for self-mining operations. The mining capacity provided by customers’ hosted miners were used by the
customers themselves for their own mining activities, and we only provided hosting services to those customers. In addition, we had access
to approximately 551 MW in hosting capacity at mining facilities in five continents as of December 31, 2024. The registered users of our