Bitmain Cloud Computing Power, Mining Concept Stock BitFuFu (NASDAQ: FUFU) Financial Report Details for 2025:

2025 Full Year Revenue: $476 million
2025 Full Year Net Loss: $57.4 million, compared to $54 million profit in 2024
Business Breakdown:

1. Cloud Computing Power: $350.6 million, accounting for 73.7%, year-over-year growth of 29.4%
2. Self-Operated Mining: $63.1 million, accounting for 13.3%, down from $157.5 million in 2024, showing obvious contraction
3. Mining Equipment Sales: $53.7 million (compared to $30.5 million in 2024)
4. Other (Hosting, etc.): $8.4 million

Looking at the most critical data point: Mining costs
2025 mining cost: $77,573/BTC, compared to $47,496/BTC in 2024
Of which self-owned mining equipment cost is $61,000/BTC; leased computing power cost is $98,000/BTC

Summary:
1. Mining becomes increasingly difficult, rising costs are a major trend
2. BitFuFu is actively transitioning from "miner" to "computing power service provider"
3. Cloud computing power = to C / to B "selling water" model, more counter-cyclical than mining
BitFuFu is no longer a pure mining concept stock, more like "computing power AWS"