Hash rates are estimates based on the manufacturers' specifications.(2)Defined as the amount of BTC that was produced during the year by customers using mining capacity purchased from cloud-mining solutions. Full Year 2023 Financial Highlights Total revenue was US$284.1 million in 2023, representing an increase of 43.3% from US$198.2 million in 2022Revenue from cloud-mining solutions was US$178.0 million in 2023, representing an increase of 79.1% increase from US$99.4 million in 2022Revenue from Bitcoin self-mining operations was US$100.2 million in 2023, representing an increase of 66.2% from US$60.3 million in 2022Net income was US$10.5 million in 2023, representing an increase of 337.5% compared with US$2.4 million in 2022Adjusted EBITDA was US$41.7 million in 2023, representing an increase of 5.3% compared with US$39.6 million in 2022Combined balance of cash and cash equivalents and digital assets1 were US$76.0 million as of December 31, 2023, representing an increase of 11.1% compared with US$68.4 million as of December 31, 2022BitFuFu raised US$75.1 million in connection with its business combination and listing on NASDAQ in March 2024.
Our ability to flexibly allocate mining capacity between self-mining and cloud-mining services, and between leased and owned miners, based on our assessment of market dynamics and strategic forecasts, drove the rapid growth in our cloud-mining business in 2023.” "Building on the momentum in our cloud-mining business, we plan to continue leveraging our competitive advantage in this segment, expand our operations and cultivate new partnerships with other industry players.” Full Year 2023 Financial Results Revenue Total revenue in 2023 was US$284.1 million, representing an increase of 43.3% from US$198.2 million in 2022, primarily due to an increase in revenue from cloud-mining solutions and self-mining operations which was partially offset by the suspension of sales and leasing of mining equipment and sourcing services for mining equipment sales operations as part of the Company’s strategic shift towards the development of its cloud-mining business in 2023.
Full Year 2023 Operational Highlights Hosting capacity of 515 MW diversified across 24 sites on three continents as of December 31, 2023, compared with 336 MW across 19 sites on one continent as of December 31, 2022Total mining capacity increased 106.3% to a record 22.9 EH/s as of December 31, 2023, compared to 11.1 EH/S as of December 31, 2022Cloud-mining registered users increased 61.5% to 304,270 as of December 31, 2023 compared to 188,460 as of December 31, 2022Bitcoin ("BTC”) production from self-mining operations increased 26.6% to 3,577 BTCs in 2023, from 2,825 BTCs in 2022BTC production by customers from cloud-mining solutions increased 98.4% to 6,756 BTCs in 2023, from 3,405 BTCs in 2022Cost to mine BTC from self-mining operations in 2023 averaged US$28,200 per BTC versus US$21,500 per BTC in 2022 Operational Highlights MetricAs of December 31,20232022Hosting capacity (MW)515336Total mining capacity (EH/s) (1)22.911.1Cloud-mining registered Users 304,270188,460 For the Year ended December 3120232022BTC Produced From BitFuFu self-mining operations3,5772,825By customers from cloud-mining solutions(2)6,7563,405Average BTC produced per day by customers and BitFuFu28.317.1 (1)Defined as the hash rate that could theoretically be generated if all miners that have been energized are currently in operation including miners that may be temporarily offline.
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