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BitFuFu’s Mining Expenses Surge by 168% Year-on-Year Ultramining 23 Oct 2024

BitFuFu’s Mining Expenses Surge by 168% Year-on-Year ⚡

Ethiopia Bitcoin BitFuFu

BitFuFu experienced a substantial increase in operating expenses, with mining costs surging by 168% compared to the previous year. These rising expenses have led to a significant drop in net profit, which declined from $5.1 million to $1.3 million.

Despite a 70% increase in revenue to $129 million in the second quarter of 2024, profitability was heavily impacted due to greater electricity costs and the increased difficulty in Bitcoin mining.

To address these challenges, BitFuFu plans to reduce operational costs by adopting energy-efficient equipment and expanding into regions with cheaper electricity, such as their newly acquired mining facility in Ethiopia with energy rates below $0.04 per kWh.

Source: ultramining.com ↗

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