Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 101

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 101
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’s digital asset wallet to such account. We will then apply mining
capacity bought by the customer to his or her account in the mining pool to perform hash calculations, and the pool operator will directly
distribute the mining rewards to the digital asset wallet associated with customer’s account. We do not charge any fees or receive
any income from the mining pool with respect to our cloud-mining services, and the mining pool is neither a supplier nor a customer
of us with respect to our cloud-mining services. To the extent that our cloud-mining customers choose the same mining pools
that support our self-mining operations, the hash calculations used for our self-mining operations and the hash calculations
bought by our customers are separately connected to the mining pool through different accounts, and the mining rewards are distributed
and paid by the mining pool operator to the respective accounts of us and our customers.

Cloud mining service agreements with our top
three customers

Our business operations and
financial performance have relied significantly upon our cloud-mining services since our inception, in particular those offered to
our major customers. For instance, in 2022, 2023 and 2024, revenue from our top three customers, none of which are our affiliates or related
parties, accounted for 31%, 26% and 31% of our total revenue in the same periods, respectively.

Each time a customer places an order on our platform, we would enter
into a cloud-mining service agreement with the customer. Pursuant to the cloud-mining service agreement, we are responsible for providing
the customer with cloud-mining services as displayed on our platform, or specially customized for the customer, the details of which shall
be subject to the specific order, and shall display operation status and outputs of the cloud-mining services in the account of the customers.
Generally, we shall ensure the quality of our service, such as maintaining the daily average amount of executed hash calculations to be
no less than 95% of the declared hash rate in the order, and extending the service period as stipulated in the order or refunding service
fees for unutilized mining capacity if we are unable to provide services due to force majeure events or reasons not attributable to us.
The customer undertakes to comply with our term of services and privacy policy as stipulated in our website, if any, and to provide true,
accurate and complete personal/corporate data and information for the purpose of registering an account and using the services provided