The Nasdaq-listed miner's managed hashrate more than halved year on year to 15.3 EH/s, and FUFU shares dropped 17% before the open on Monday.
BitFuFu sold 184 bitcoin during the second quarter to cover operating costs, and it still reported the worst three months in the company's short public history. Revenue at the Nasdaq-listed cloud miner fell 62.9% year on year to $42.8 million. The net loss came in at $20.5 million, against a $47.1 million profit in the same period of 2025.
Cloud mining, the segment BitFuFu built its name on, took the deepest cut. Revenue from Cloud Mining Solutions dropped 73.6% to $24.9 million from $94.3 million. The company blamed a 27.5% year-on-year drop in bitcoin's realised price, weaker retail demand for cloud contracts, and what management described as a deliberate optimisation of deployed hashrate. The optimisation was more forced than voluntary. Total hashrate under management fell 57.7% to 15.3 EH/s at the end of June, from 36.2 EH/s twelve months earlier, a loss of more than 20 exahash before any of the new mid-August additions.
Shares fell 17.24% in pre-market trading on Monday when the numbers hit.
BitFuFu ended the quarter holding 1,671 bitcoin, down 6.8% from 1,792 a year earlier. The company was one of the last hold-outs among mid-tier miners running a pure accumulation strategy, and this quarter it stopped. Management disclosed that BTC had been sold to support operational needs and hashrate procurement activities — the miner's own polite phrasing for spending its reserves to keep the lights on and to buy new machines it could not otherwise fund from cash flow. The 184 coins sold represent a small fraction of the loss but the first meaningful drawdown of the treasury BitFuFu had spent two years building.
The industry pattern is by now familiar. Bitwise cut 14 per cent of its staff after its flagship crypto fund shed a third of its assets. Core Scientific went through bankruptcy when cash flow could no longer service its hosting debts. The miners that emerged strongest from the current cycle, including IREN and Riot, did so by leasing megawatts to AI hyperscalers rather than pointing them at hashboards. BitFuFu has no comparable pivot. Its business is renting mining capacity to retail customers who want exposure to bitcoin without buying the machines themselves; when the price falls and the reward per petahash compresses, the retail bid disappears first.
That leaves the company running against two headwinds at once. The bitcoin it mines is worth less, which crushes revenue. The customers who pay for cloud contracts stop paying, which crushes the higher-margin part of the top line. Self-mining held up better in relative terms and grew as a share of the pie, but self-mining is the lower-margin business, and it was never enough to offset the collapse in the cloud segment.
The mid-August guidance offered some relief. BitFuFu said it had secured enough additional hashrate to bring the managed total back to roughly 20 EH/s. That is still barely half of a year ago but a step up from the 15.3 EH/s the balance sheet closed on. Whether that additional capacity was contracted or bought outright the company did not say, and the accounting for it will not show up until the third-quarter report.
American Bitcoin, by contrast, trimmed its Q2 loss to $57 million on record mining output. It lost more in absolute terms than BitFuFu but mined more bitcoin than in any prior quarter of its history. BitFuFu mined less and lost less because the base was smaller; the trajectory is worse. A miner whose revenue is falling more than twice as fast as bitcoin's price is a miner whose customers are leaving, not just a miner whose product got cheaper.
The 184 coins BitFuFu sold in Q2 came out of a treasury the company had built without touching for two years. It was the first such sale in the miner's short public history.
