BitFuFu reports 57 million loss and shifts to cloud mining

The company has changed its approach and now earns primarily by providing hashrate to clients rather than mining on its own. Cloud mining already generates about 75 of total revenue.
Despite revenue of 475.8 million, BitFuFu moved into the red due to declining profitability and Bitcoin price volatility.
At the same time, mining costs surged to 77,573 per Bitcoin.