An unaudited report from BitFuFu, detailing financial and operational performance for Q2 2024, has revealed a significant rise in Bitcoin mining costs.
Increase in Mining Costs
The average cost to mine one Bitcoin has risen to $51,887, a significant jump compared to $19,344 per mined BTC during the same period in 2023. Rising power and operating expenses are mainly to blame for this increase.
Challenges of Reaching $60,000 Mark
At the time of writing, Bitcoin is trading at $58,885 according to CMC data. High market volatility is creating difficulties in breaching the $60,000 mark.
Performance and Revenue of BitFuFu
Despite the dramatic rise in Bitcoin mining costs, BitFuFu has expanded its operations. Mining capacity under control increased from 15.2 EH/s in the same period in 2023 to 24.7 EH/s in 2024, a 62.5% rise. Total revenue from Bitcoin mining also increased by about 70%, reaching $129.4 million, up from $76.3 million in 2023. The expansion of the company's cloud mining services resulted in a revenue increase of $77 million for the reporting period.
Despite skyrocketing mining costs, BitFuFu demonstrates significant growth in performance and revenue, indicating company stability and expansion even in challenging mining and volatile market conditions.
Comments