Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 127

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 5
Chunk 127
---
 and fiat currencies or between digital assets. We plan to continue to invest in our finance, legal, compliance and security
functions in order to comply with applicable regulations and remain at the forefront of digital asset regulatory trends. As the industry
matures, we may experience fluctuations in our results of operations as a result of changes in the law and regulations that are applicable
to our business, which may limit our ability to and offer solutions and services to customers across jurisdictions.

Selected Operating Metrics

We have experienced rapid
growth in the previous three financial years ended December 31, 2024. We have referred to the following operating metrics in evaluating
our business performance:

Miner fleet

We have continued upgrading and expanding the miner fleets retained.
While we primarily relied on Antminer S17 series in early 2021, we began to replace those with more advanced Antminer S19j pro series
starting from the second quarter of 2021, and then replace S19j pro series with S19 XP series starting from November 2022. Starting from
the second half of 2024, we began to deploy S21 series. As of December 31, 2024, all of the miners under our management were from Antminer
S19 and S21 series, approximately 83% of which were from the Antminer S19 XP series and approximately 8% were from the Antminer S21 series,
one of the most advanced miner series on the market. The energy efficiency of Antminer S19 XP is 21.5 J/T, and S21 series can reach an
energy efficiency as low as 13.5 J/T. 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.

Cloud-mining plan duration and customer
retention

We primarily offer cloud-mining
plans with a duration of 90, 120 or 180 days to differentiate ourselves from our competitors. These plans accounted for approximately
83%, 60% and 54% of our total cloud-mining revenue in 2022, 2023 and 2024, respectively. In 2022, 2023 and 2024, our recurring revenue
for our cloud-mining service, defined as revenue attributable to customers placing orders more than once in a