Bitfufu: Bitcoin mining costs increase 168% in one year, but revenues increase 70%

It has been revealed that the cost of Bitcoin mining has risen sharply since the halving. On the 20th (local time), Bitmain, a supplier of virtual currency mining equipment,
BitFuFu, a cloud mining company in partnership with BitTorrent, has released its second quarter 2024 financial and operational report, revealing that over the past 12 months, Bitcoin mining revenue was $1.2 billion.
The most notable change, according to the report, is that the average cost to mine one bitcoin has soared to $51,887.
This is a significant increase of about 168% compared to the $19,344 (approximately 2.81 million yen) for the same period in 2023, and the main reason for this is cited as an increase in electricity and operating costs.
The sudden rise in costs is also due to Bitcoin's halving event in April 2024, which increased the difficulty of mining but halved the rewards.
Despite the soaring cost of bitcoin mining, BitPu has announced it has expanded its operations, increasing its mining capacity by 24.7
Although mining-related costs have risen due to the increase in EH/s, the company plans to increase its mining management capacity by 62.5% and increase its mining capacity by 1.5% to 1.5 times the ...
BitPuPu also saw its second quarter revenue increase by nearly 70% to $129.4 million.
The company reported that it had generated $1.2 billion in revenue in the same period of 2023, up from $76.3 million in the same period of 2023. The increase in revenue was due to the expansion of cloud mining services, which
generated revenue of $77 million during the reporting period.