BitFuFu’s Q2 2026 hosting and other revenue increased to $3.9 million from $1.1 million, more than tripling year over year even as total company revenue plunged 62.9% amid lower Bitcoin prices and a sharp contraction in cloud-mining activity.
Total revenue fell to $42.8 million from $115.4 million, primarily because Cloud Mining Solutions revenue dropped 73.6% to $24.9 million from $94.3 million. Mining-equipment sales also fell to zero from $5.2 million.
The hosting business moved in the opposite direction. BitFuFu attributed its increase to the Buy and Host one-stop offering, which allows customers to own mining assets while outsourcing operational management. Hosting and other revenue represented 9.1% of Q2 revenue compared with just 1% a year earlier.
Self-mining revenue was comparatively stable at $14 million versus $14.8 million, despite a 27.5% decline in average Bitcoin price to approximately $71,600 from $98,800 and a 9.7% decline in average daily Bitcoin earnings per terahash. A 47% increase in average hashrate allocated to self-mining partially offset those headwinds.
BitFuFu has simultaneously reduced the overall scale of managed infrastructure. Total managed hashrate declined to 15.3 EH/s from 36.2 EH/s, while power capacity fell to 273 MW from 728 MW. Management characterized the reduction as an optimization of capacity economics rather than a simple contraction.
By mid-August, the company said newly secured hashrate had restored total managed capacity to approximately 20 EH/s, providing a larger operating base for the second half.
Q2 net loss totaled $20.5 million, compared with $47.1 million of net income a year earlier. The quarter included a $16.9 million fair-value loss on digital assets and related receivables or payables, compared with a $43.4 million fair-value gain a year earlier.
Cash, cash equivalents and digital assets totaled approximately $119.5 million at June 30, down from $177.1 million at year-end. The decline reflected lower Bitcoin fair value, repayment of $10 million of Bitcoin-backed loans and prepayments intended to secure future hashrate.
KEY QUOTES:
“Second-quarter results reflected one of the more challenging operating environments our industry has experienced recently, but they do not change our conviction in BitFuFu’s long-term opportunity. We prioritized operational quality and discipline – proactively optimizing our hashrate mix and nearly tripling self-mining production during the period. At the same time, we continued to expand our turnkey hosting services as a growing source of diversified revenue, while deploying next-generation S21 XP miners and actively managing our fleet to maintain high efficiency and protect our unit economics amid market volatility. Importantly, the reduction in managed hashrate during the quarter was not a simple contraction; rather, it was part of a deliberate effort to improve the quality and economics of our capacity. We have secured additional hashrate that restored our total managed hashrate to approximately 20 EH/s by mid-August and provided a stronger foundation for the second half of the year. Going forward, we will remain focused on improving operating efficiency, maintaining capital discipline, and selectively deploying resources where we see attractive long-term economics. We believe these efforts will position BitFuFu to capture opportunities as the market improves and to continue creating long-term value for our shareholders.”
Leo Lu, Chief Executive Officer and Chairman of the Board of BitFuFu
