Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 139

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 139
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Our revenues increased from
US$198.2 million in 2022 to US$284.1 million in 2023, representing an increase of 43.3%, primarily due to an increase in revenue
from cloud-mining solutions and self-mining operations which was partially offset by the suspension of sales and leasing of mining equipment
and sourcing services for mining equipment sales operations as part of our strategic shift towards the development of cloud-mining business
in 2023.

Revenue from cloud-mining solutions
increased from US$99.4 million in 2022 to US$178.0 million in 2023, representing an increase of 79.1%, primarily due to increases
in repeat purchases of cloud-mining services from existing customers and new customers, and increase in average selling price. Revenue
from existing customers was US$138.9 million and new customers was US$39.1 million in 2023, accounting for 78.0% and 22.0% of revenue
from cloud-mining solutions, respectively. In 2022, revenue from existing customers was US$66.0 million and new customers was US$33.4
million, accounting for 66.4% and 33.6% of revenue from cloud-mining solutions, respectively.

Revenue from self-mining operations
increased from US$60.3 million in 2022 to US$100.2 million in 2023, representing an increase of 66.2%, primarily due to an 88.4%
year-over-year increase in the average hash rate used for self-mining operations and a 9.5% year-over-year increase in the annual average
price of Bitcoin produced, which was partially offset by an increase in blockchain difficulty for Bitcoin mining resulting in a decrease
in Bitcoin output per tera-hash. Bitcoin production from self-mining operations increased 26.6% to 3,577 Bitcoins in 2023, from 2,825
Bitcoins in 2022. Blockchain difficulty is a technical term in Bitcoin mining, which affects the unit mining output per tera hash. The
higher of blockchain difficulty, the less Bitcoin will be produced by each hash rate unit.

Revenue from miner hosting
services and others decreased from US$8.0 million in 2022 to US$5.9 million in 2023, representing a decrease of 26.3%, primarily
due to the temporary suspension of hosted miners by customers seeking to limit