A Bitmain subsidiary, cloud computing power and mining concept stock BitFuFu (NASDAQ: FUFU) reveals details from its 2025 financial report:

2025 full-year revenue: $476 million
2025 full-year net loss: $57.4 million, compared to a profit of $54 million 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 clear contraction
3. Mining rig sales: $53.7 million (compared to $30.5 million in 2024)
4. Others (hosting, etc.): $8.4 million

Looking at a critical metric: mining cost
2025 mining cost: $77,573/BTC, compared to $47,496/BTC in 2024

Among them, self-owned mining equipment has a mining cost of $61,000/BTC; leased computing power has a mining cost of $98,000/BTC

Overall conclusions:
1. Mining is becoming increasingly difficult, rising costs is a major trend
2. BitFuFu is actively transitioning from "miner" to "computing power service provider"
3. Cloud computing power = B2C/B2B "selling shovels model", more resilient to market cycles than mining
BitFuFu is no longer a pure mining concept stock, but rather more like "computing power AWS"