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BitFuFu Q1 Earnings: Adjusted EBITDA Up 430.9% To $49.4 Million On Revenue Growth Of 149%, Cash Position Rises To $163.7 Million

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By Meg Flippin, Benzinga

BitFuFu Inc. (NASDAQ: FUFU), the digital asset mining company based in Singapore, posted first-quarter revenue that soared 149% year-over-year, buoyed by strong demand for its Bitcoin mining services.

For the first three months of the year, total revenue was $144.4 million compared to $58 million in the year-ago first quarter. Net income of $35.3 million was much higher than the $2.7 million reported in Q1 2023 while adjusted EBITDA increased 430.9% to $49.4 million. Revenue from BitFuFus cloud-mining solutions rose 181% year-over-year, while sales from Bitcoin self-mining operations grew 117%. The companys cash position also increased, hitting $163.7 million as of the end of March. BitFuFu ended 2023 with $76 million in its coffers.

BitFuFu had a very strong quarter. We are actively taking steps to reduce operational costs, increase margins and decrease our carbon footprint. Our ability to generate cash and strengthen our balance sheet ideally positions us to capitalize on growth opportunities going forward, Leo Lu, BitFuFus chairman and CEO, said on a conference call to discuss first-quarter results with Wall Street. These factors combine to form what we believe is a compelling strategy that will create long-term sustainable shareholder value.

Key Areas Firing On All Cylinders

During the quarter, BitFuFu saw strong growth in key business areas, including registered users, hosting capacity and Bitcoin production by customers. Hosting capacity is up 25.5% to 644 MW, while registered users hit 321,184, a 63.5% increase from last years first quarter.

The growth in cloud registered users is notable given the market is concentrated with the top five players accounting for 75% of the market in terms of revenue last year, according to data BitFuFu cited from Frost & Sullivan. BitFuFu's ability to increase users amid intense competition is a testament to its leadership. The company says it's the largest player in this segment, accounting for a third of the market in 2023.

That may appeal to investors, given the growth of BitFuFus U.S. counterparts. Take Riot Platforms Inc. (NASDAQ: RIOT) for starters. The company, which is known for keeping costs for customers at bay, is in acquisition mode, recently offering $930 million to acquire bitcoin miner Bitfarms Ltd. (NASDAQ: BITF). Then there is Marathon Digital Holdings Inc. (NASDAQ: MARA), which has seen bitcoin mining output growth similar to BitFuFu. Its stock is up more than 120% compared to a year ago. The same story is playing out at Cleanspark Inc. (NASDAQ: CLSK). Amid brisk demand, its market cap stands at over $4 billion. BitFuFus market cap pales in comparison but that may not be for too long if the company has its way.

BitFuFu has experienced significant growth over the past four years as the value proposition of our cloud mining services increasingly gains traction. The one-stop service we provided to customers is a more efficient and convenient way for customers to mine Bitcoin, and a more profitable way for them to acquire Bitcoin at reasonable cost, said Lu. During the first quarter, demand for cloud mining services continued to grow, driven in large part by the increase in the price of Bitcoin. Bitcoin production by customers from cloud-mining solutions increased 53.0% to 2,096 BTCs. Meanwhile, the cost to mine BTC from self-mining operations averaged $39,182 per BTC versus US$21,908 per BTC in 2023. Total mining capacity under management increased 52.1% to a record 28.6 EH/s, compared to 18.8 EH/S during Q1 2023.

Given its position in the market, Lu said the company is confident in its ability to continue growing revenue as it acquires more users (both registered and paying) and expands the number of miners with the strong support of its long-term partner Bitmain Technologies Ltd., which makes Bitcoin mining hardware. Reputation is everything in the cloud mining industry, and counting Bitmain as an exclusive partner gives BitFuFu even more credibility.

Keeping Costs At Bay

When it comes to running a cloud mining company, keeping costs in line is key to profitability, and BitFuFu kept a focus on it even during the quarter. Take its hosting capacity for one example. Lu said on the call the company is reducing hosting and power costs by exploring opportunities to acquire existing facilities or build new mining infrastructure in the U.S. and other geographies. We are currently in negotiations with operators of existing mining facilities on the potential for joint ventures or acquisitions. We are also considering greenfield projects. Some of these projects have made meaningful progress and are in the final stages, said Lu.

Then theres its pursuit of future power supply resources and renewable energy to support its efforts to reduce operational costs, increase revenue streams and achieve carbon-neutral operations. To hedge against grid dependency and the fluctuating cost of power, which Lu said is crucial to stabilizing operations, BitFuFu is exploring off-grid opportunities including flare gas, which to date is underutilized by the industry. We are excited to announce the launch of our first small-scale flare gas deployment in Texas in partnership with one of the region's most proactive developers, said BitFuFus CEO. Following a successful proof-of-concept, we expect the project to be fully operational by the end of 2024 where it will lower our mining costs and increase our gross margins.

Expanding Its Offering

If that isnt enough for the mining services company, BitFuFu is ensuring it continues to drive growth across its business by expanding into new products and services that will benefit the overall industry and make BitFuFu more money. One example is a mining facility management system BitFuFu built for mining facilities it and its partners operate. Currently, the system manages over 50,000 mining rigs and helps the company enhance and refine miner management, including through the timely detection of mining rig failures and potential risks and the ability to directly adjust the operating mode of the machines to optimize their profitability. In the future, by providing this system to more mining facilities and partners, we believe we can increase BitFuFu's brand recognition and expand our partnerships and resources, said Lu.

When it comes to mining for digital assets through the cloud, speed, reliability and reputation are key to making money. Most are looking for a secure provider that will be around for the long haul. BitFuFu seems to check off all the boxes, and judging from its first-quarter earnings results, customers agree.

Featured photo by Kanchanara on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

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Thunderball Results: Your Ultimate Destination for Real-Time Updates and Insights

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Thunderball is proud to announce itself as the ultimate online destination for thunder ball enthusiasts, offering the latest and most accurate results immediately after every draw. Whether you’re a regular follower or an occasional visitor. At thunderball results, we have a singular mission to ensure that Thunderball enthusiasts have easy access to the most recent and comprehensive results. It is designed with you in mind. We understand that the thrill of the game doesn’t just come from playing, it comes from waiting with bated breath for the results, and we make sure that wait is as short and stress-free as possible.

With the growing number of websites providing information on the internet, what sets us apart is our dedication to delivering accurate, timely, and accessible updates. We know how frustrating it can be to scour the web for reliable information or to miss out due to delays. That’s why our team works diligently to update results immediately, ensuring you have access to the latest information in real-time. 

Moreover, our platform offers more than just the most recent numbers. We provide a comprehensive archive of past Thunderball draws, allowing users to track patterns, revisit results, and strategize their future plays. 

What You Can Expect from us;

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Our website has been designed with simplicity and efficiency at its core, so players of all levels can find what they need quickly and without hassle.  

We’ve also optimized the platform for mobile use, so whether you’re at home, commuting, or out with friends, you can check the latest results and never miss a moment of the action. As part of our commitment to accessibility, Thunderball Result is compatible with all devices, ensuring you can stay connected wherever you are.

About Thunderball 

Founded with the mission of creating an online hub for thunderball enthusiasts, Thunderball results has rapidly become the go-to destination for lottery players across the UK. We recognize that the key to a satisfying lottery experience is reliability, and our platform reflects that commitment through real-time updates, comprehensive data archives, and in-depth insights.

Our team is made up of passionate lottery fans and tech experts who understand the importance of providing quick and accurate information. Since launching, Thunderball Results has garnered a loyal following by consistently delivering results in a timely and efficient manner, making it a trusted resource for thousands of players every day.

At Thunderball Results, we’re more than just a results platform—we’re a community built around the excitement of the thunderball game. Whether you participate regularly or just enjoy checking the results, we invite you to join us to stay up to date with the latest thunderball draws and immerse yourself in a supportive and engaging community. For more information, visit https://thunderballresults.uk and follow us on social media for the latest news, updates, and winning numbers.

Contact details 

Company name: Thunderball Results 

Website link: https://thunderballresults.uk  

Contact email: info@thunderballresults.uk  

Country: United Kingdom 

City: London 

Contact person name: Thomas Ferguson

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Champ, America’s Loch Ness Monster ‘spotted’ in drone footage from filmmakers

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Champ, is that you?

Since the 1600’s, tales of a mysterious sea serpent named Champ, named after explorer Samuel de Champlain, have been part of the folklore of the Lake Champlain region. The lake borders New York and Vermont. Champlain and the Abenaki tribe were the first sightings of Champ in the historical record.

Champ remained elusive. The only notable visual evidence was a photo taken in 1977 by Sandra Mansi.

Until now.  For the first time in history, a video that allegedly captures the legendary lake monster on film is being hailed as the “most notable visual evidence” of Champ. Some compare it’s impact to the Patterson-Gimlin film impact on the Bigfoot cryptozoology community.

Independent filmmakers Kelly Tabor and Richard Rossi were shooting a fictional film ‘Lucy and the Lake Monster’ about a 9-year-old girl and her grandfather looking for Champ, a legendary lake monster rumored to live and lurk in the murky waters of Lake Champlain.  The film is based on their bestselling book of the same title.

As part of their shoot, their cameraman sent a drone above the lake in Bulwagga Bay, and what they saw in post-production stunned them.

They posted ten seconds of what is now known as the Tabor-Rossi footage on YouTube and 36,000 views later, it has provoked discussion and debate about what appears to some to be a plesiosaur swimming below the lake’s surface, behind a boat containing the two lead actors in their film, Emma Pearson and Richard Rossi.  The footage of the plesiosaur can be seen here: https://www.youtube.com/watch?v=Dkpzfqlt3PI.

(Plesiosaurs are a sea creature from the dinosaur-dominated Mesozoic era.)

Tabor and Rossi’s recent interview on the Cryptid Creature podcast was posted on Spotify. The duo submitted their footage and story for assessment by the two hosts, Todd Stevens and Brian Brock.  Stevens eloquently summed up his conclusion, affirming the veracity of the footage.

“The creature is bigger than the boat, fifty yards behind the boat, Stevens said.  “It has a plesiosaur body. It is not sturgeon, or multiple sturgeon. It is one large body moving.” The entire Cryptid Creatures interview with Tabor and Rossi can be heard here: https://play.cdnstream1.com/s/streamkastplus/cryptid-creatures/the-lake-champlain-monst-5a5bbe

Tabor first spotted the creature in the footage, editing on her large screen T.V.  “It’s poetic that Kelly saw it first,” Rossi said. “She has been looking for Champ for over fifty years.” Tabor grew up in a cabin on Lake Champlain in Crown Point, New York.

“We inadvertently caught this on camera,” Tabor said. “We weren’t trying to.”

If Kelly Tabor is the true believer of the screenwriting team, her writing partner Richard Rossi is the Doubting Thomas, insisting on the footage being evaluated by scientists with a doctorate in science and to prepare a report for peer review in 2025.

“I’m the more skeptical one compared to Kelly,” Rossi said.  “But there’s definitely something there.”

The filmmaking crew was so busy filming the movie, they didn’t catch the anomaly in the footage until later, in the post-production editing stage.

Multiple versions of their footage are now on Pinterest and YouTube as cryptozoologists use their tech savvy to zoom in on the Champ image, and use coloring to do morphological enhancements and evaluations.  

The Tabor-Rossi Champ footage is incorporated into their fictional film, ‘Lucy and the Lake Monster,’ at about the four-minute mark of the film. The movie has screened in theaters in New York, New Jersey, Vermont, Pennsylvania, California, and South Carolina.  This month, it won 12 awards in film festivals.  It will be released on DVD and streaming next year.

“As filmmakers, our primary focus is on the art form itself.  We don’t respond too much to the debate around the footage,” Rossi said. “We try to focus on doing the best job we can in our screenwriting, acting, cinematography, and music.  It’s nice that Champ has blessed us with the benefits of headlines that let people know about our book and the film, but at the end of the day, our focus is on showing the film and writing the next sequel. Champ has been a great publicist.”

“Champ is also one of the biggest stars in our new film,” Tabor added.

Media Contact:

Reporter Christy Collins

richardrossilive@gmail.com

https://www.lucyandthelakemonster.com/ 

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Press Release

This December, Meet Barracuda Coin The Next Big Crypto

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Since its inception in February 2023, Barracuda Coin has been preparing for a highly anticipated launch, positioning itself as a prominent player in both the cryptocurrency and sports sectors. Backed by significant sponsorship deals with numerous sports events, Barracuda Coin is poised to make an impactful entrance into the crypto space, aligning itself with the competitive energy of professional sports.

Ethereum-Based Token with a Strong Focus on Sports

Barracuda Coin is built on the robust Ethereum blockchain, ensuring security and reliability for all transactions. With a total supply of 75,000,000 tokens, Barracuda Coin is already gaining traction through its involvement in MMA and K1 sports sponsorships and has established itself as a key sponsor for numerous professional sports events.

In tandem with the coin’s launch, Barracuda Coin will release a unique NFT collection featuring high-performing athletes, giving fans and collectors a unique opportunity to own exclusive digital assets tied to their favorite sports icons.

Staking Program for Early Investors

To reward early supporters, Barracuda Coin is launching an attractive staking program with two levels of rewards:

  • Investors who join during the reservation phase will receive 75% monthly interest for 6 months.
  • Those participating in the presale will enjoy a 30% monthly interest over the same period.

Important Dates and Pricing

  • Reservation Phase: Beginning on November 4, 2024, and running through November 28, 2024, the price per Barracuda Coin (BARR) during this period will be $0.019.
  • Presale Phase: After the reservation period ends, the presale will begin at $0.05 per token, gradually increasing up to $0.15.
  • Official Launch: Scheduled for December 23, 2024, with the token price projected to reach $0.36.

Barracuda Coin and Pay-Per-View Entertainment

Designed with the entertainment and sports industry in mind, Barracuda Coin is set to seamlessly integrate with the pay-per-view model, making it the ideal token for fans. With fast, secure, and transparent transactions, Barracuda Coin will allow users to easily access premium sports content and live events, bypassing the challenges of traditional currency exchanges.

About Barracuda Coin

Barracuda Coin is more than a cryptocurrency; it’s a platform connecting the worlds of sports, crypto, and digital assets. Focused on creating a space for sports enthusiasts, collectors, and investors alike, Barracuda Coin offers a comprehensive platform that includes a strong staking program, an exclusive NFT collection, and seamless integration with pay-per-view sports. With these innovative offerings, Barracuda Coin is set to establish itself as a leader in both the cryptocurrency and entertainment sectors.

Register and Be Part of the Barracuda Coin Community

Investors are encouraged to participate in the reservation phase to secure tokens at the lowest price and maximize staking rewards. For more information, visit https://barracuda-coin.io/

Media Contact:

Barracuda Coin

support@barracuda-coin.io

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