BitFuFu is a Singapore-based Bitcoin mining company that operates through two core activities: cloud-mining services and self-mining. Cloud mining is the dominant business, generating roughly 74% of revenue. BitFuFu aggregates mining capacity by leasing miners or purchasing hash rate from third-party suppliers, then resells that capacity to customers as cloud-mining plans. Customers pay a service fee and receive Bitcoin mining rewards directly to their wallets, without owning or operating any hardware. BitFuFu's proprietary Aladdin system manages hash rate dispatch across miners, pools, and customer accounts. The company serves both retail users and institutional clients, with institutions driving the majority of cloud-mining revenue. Self-mining — where BitFuFu mines Bitcoin for its own account and holds it as a treasury asset — contributes roughly 13% of revenue. BitFuFu also resells mining hardware (~11% of revenue) and provides miner hosting services (~2%). A key feature of the model is flexibility: BitFuFu can dynamically shift hash rate between cloud mining and self-mining depending on demand and market conditions. Approximately 86% of managed hash rate comes from third-party suppliers rather than owned miners, making the model asset-light but margin-compressed. Bitmain is the largest supplier, representing roughly 50% of hash rate procurement costs. BitFuFu's stated strategy is to shift toward a hybrid model by acquiring owned power capacity and miners, which it expects to lower its cost to mine one Bitcoin relative to leased hash rate.