BitFuFu is expanding its global mining facility, letting customers and digital asset enthusiasts mine digital assets efficiently.
Digital asset mining service, BitFuFu, has entered a definitive agreement to acquire a majority stake in a Bitcoin mining facility in Ethiopia.
The transaction marks the start of BitFuFu’s transition from an asset-light strategy to one that manages a diverse and robust portfolio of Bitcoin mining infrastructure. As of June 30, 2024, BitFuFu’s hosting capacity is 522 megawatts (MW). Upon completion, BitFuFu’s hosting capacity will surpass 600MW mark, approximately 13% of which will reside in sites owned and operated by the company.
The newly acquired mining facility will provide BitFuFu with the potential to add 4.6 EH/s mining capacity with the deployment of the latest Bitmain S21-series miners. With power costs averaging below US$0.04 per kilowatt-hour, this acquisition is expected to reduce BitFuFu’s cost per Bitcoin mined.
With the majority of BitFuFu’s mining infrastructure currently based in the United States, this acquisition strengthens the Company’s competitive advantages in the international market and further expands its footprint globally. Additionally, the new facility will create valuable employment opportunities for the local community, contributing to regional economic development.
Leo Lu, CEO and Chairman of BitFuFu, commented, “As we integrate this facility into our global infrastructure, we can capitalise on lower energy costs to reduce Bitcoin production expenses, expand our operational capacity, and enhance profitability. We have already begun planning for technological upgrades to improve energy efficiency and mining capacity at this site. Moving forward, we aim to strengthen our global position by acquiring or building additional facilities and drive further innovation in the digital asset mining sector while delivering long-term value to our shareholders.”
