BitFuFu posted a $20.5 million loss in the second quarter as revenue fell nearly 63% to $42.8 million from $115.4 million a year earlier. The miner’s core cloud-mining business drove much of the decline, with revenue dropping 73.6% to $24.9 million as customers using the service mined just 255 BTC, down from 917 BTC. The company attributed the weakness to lower Bitcoin prices and softer customer demand. BitFuFu sold Bitcoin to fund operations and secure additional mining capacity, while increasing its self-mining production from 143 to 192 BTC.
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