Summary:
BitFuFu Inc. acquires a majority stake in an 80-MW Bitcoin mining facility in Ethiopia.
This acquisition will boost BitFuFu's hosting capacity beyond 600 MW.
The facility is expected to add 4.6 EH/s mining capacity with Bitmain S21-series miners.
Average power costs below US$0.04 per kilowatt-hour will reduce Bitcoin production expenses.
The investment will create job opportunities, promoting local economic development.
BitFuFu's Bold Move into Bitcoin Mining
SINGAPORE, Oct. 22, 2024 – BitFuFu Inc., a rapidly growing digital asset mining service and cloud-mining leader, has announced a significant acquisition. The company has entered into a definitive agreement to acquire a majority stake in an 80-megawatt (MW) Bitcoin mining facility located in Ethiopia.
This pivotal transaction signifies BitFuFu’s shift from an asset-light strategy to a more robust and diverse portfolio of Bitcoin mining infrastructure. As of June 30, 2024, BitFuFu's hosting capacity was 522 MW, all managed by third parties. With this new facility, the company’s capacity will exceed 600 MW, with about 13% of that being owned and operated directly by BitFuFu.
The newly acquired facility is set to enhance BitFuFu's mining capabilities, potentially adding 4.6 EH/s mining capacity by deploying the latest Bitmain S21-series miners. With power costs averaging below US$0.04 per kilowatt-hour, this acquisition is expected to significantly lower BitFuFu’s cost per Bitcoin mined.
As most of BitFuFu's current mining infrastructure is based in the United States, this acquisition not only strengthens its competitive edge in the international market but also expands its global footprint. Moreover, the facility will contribute to local economic development by creating valuable employment opportunities for the community.
Leo Lu, CEO and Chairman of BitFuFu, stated, “This acquisition is a critical milestone as we work to vertically integrate and transition towards a more diversified and resilient portfolio of Bitcoin mining sites. Our cloud-mining solutions provide us with the unique flexibility to sell future hashrate at fixed prices, generating capital for further expansion. We have already begun planning for technological upgrades to improve energy efficiency and mining capacity at this site.”
About BitFuFu Inc.
BitFuFu is committed to fostering a secure, compliant, and transparent blockchain infrastructure. The company provides a variety of stable and intelligent digital asset mining solutions to a global customer base, leveraging its expanding network and strategic partnerships, particularly with Bitmain.
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