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BitFuFu Secures Major Deal with Bitmain for 80,000 Mining Rigs to Expand Operations

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#Bitcoin
$BTC
Crypto Potato
497Words
Jan 5, 2025

BitFuFu, a Nasdaq-listed cloud mining platform, has signed a two-year agreement with Bitmain to acquire up to 80,000 S-series mining rigs, including the latest S21 XP and S21 Pro models. This deal marks a significant expansion for BitFuFu, allowing them to purchase miners in stages, providing flexibility to adapt to market conditions. The new hardware will support BitFuFu's self-mining efforts and expand its service portfolio, which includes miner resale, cloud mining, and hosting services. The financial structure of the deal allows BitFuFu to pay part of the purchase price in shares and defer cash payments interest-free until after delivery, maintaining liquidity while pursuing growth. CEO Leo Lu stated that the partnership ensures a consistent supply of miners, aiming for an additional 1 GW of capacity by 2026. Following the announcement, BitFuFu's stock rose to $5.60 before a slight correction. This development follows BitFuFu's acquisition of an 80 MW Bitcoin mining facility in Ethiopia.

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