Bitfarms' Total Revenue Exceeds $140 Million in Q1, Up 149% Year-on-Year

PANews reported on May 20 that Bitcoin mining company BitFuFu announced its unaudited financial results for the first quarter ending March 31, 2024. Total revenue was $144.4 million, a 149% increase compared to the same period in 2023. Revenue from cloud mining solutions was $81.5 million, an increase of 181%. Revenue from Bitcoin self-mining operations was $60.1 million, an increase of 117%. Due to the increased difficulty of BTC mining, self-mining output decreased by 11% to 1,103 BTC. As of March 31, 2024, its combined balance of cash, cash equivalents, and digital assets was $163.7 million.