Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 10

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 3
Chunk 10
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26% and 31% of our total revenue in
the same periods, respectively. Although we continually seek to diversify our customer base, we cannot assure you that the proportion
of revenue contribution from our major customers to our total revenue will decrease in the future. Dependence on a limited number of major
customers to our total revenue exposes us to risks of substantial losses if any of them reduces or ceases business collaboration with
us. Specifically, any one of the following events, among others, may cause material fluctuations or declines in our revenue, and have
a material and adverse effect on our business, results of operations, financial condition and prospects:

  a decline in the business of one or more of our major customers;  

  the decision by one or more of the major customers to shift to our competitors;  

  the reduction in the price of our services and products agreed by one or more of our major customers;  

  the failure or inability of any of the major customers to make timely payment to us; or  

  regulatory development that may negatively affect the business of one or more of our major customers or digital asset mining activities in general.  
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It may not be possible for
us to accurately predict the future demand from our major customers, and it may fail to maintain relationships with these major customers
or to do business with them at the same or increased levels. If any of the foregoing were to occur, and we are unable to expand our business
with other existing customers or attract new customers in a timely manner or at all, our business, financial condition, results of operations
and prospects may be materially and adversely affected.

Mining digital assets requires significant
electric power, and the inability to obtain power resources at commercially viable terms could have a material adverse effect on our business,
financial condition and results of operations.

Our operations require a significant
amount of electric power to power and cool the mining equipment. Power costs represent a significant component underlying our cost of
revenue. The amount of power required by us will increase commensurate with the increase in demand for our services and products and mining
equipment we operate for ourselves and our customers. Power costs and availability are also vulnerable to seasonality, with increased
costs primarily in the summer months. We also face risks of outages and power grid damage as a result of inclement weather, animal
incursion, and other events out of our control. We