BitFuFu, a Singapore-based cloud Bitcoin mining firm, announced on Jan. 2 a significant two-year agreement with mining hardware manufacturer Bitmain to acquire up to 80,000 Bitcoin miners.
BitFuFu, a Singapore-based cloud Bitcoin mining firm, announced on Jan. 2 a significant two-year agreement with mining hardware manufacturer Bitmain to acquire up to 80,000 Bitcoin miners.
This deal will allow BitFuFu to purchase the latest S-series miners from Bitmain, including the high-performance S21 XP and S21 Pro models.
The agreement includes flexible payment options, allowing BitFuFu to make partial payments using its own shares. According to Leo Lu, chairman and CEO of BitFuFu, this strategic partnership will ensure a consistent supply of cutting-edge mining hardware, facilitating the firm's goal of expanding its global mining infrastructure to add 1 gigawatt of capacity by the end of 2026.
Currently, BitFuFu operates a hosting capacity of 556 megawatts and manages a hashrate of 26.2 EH/s (exahashes per second). The company has established 17 mining farms worldwide, primarily in the United States, and serves a user base of over 450,000 registered individuals.
Additionally, BitFuFu holds 1,664 BTC in its treasury, valued at approximately $161 million based on current market prices.
In a related development, Bitmain recently disclosed plans to expand its production line to the United States, aiming to enhance supply chain efficiency amid increasing trade tensions between the U.S. and China.
This move is intended to provide quicker service and better responsiveness to North American customers.
Following the announcement of the miner agreement, BitFuFu's shares surged 13%, trading at $5.60, according to Google Finance. The firm previously received early investment from Bitmain in 2021 and has maintained a strategic partnership within the Bitcoin mining and services sector.
In October 2024, BitFuFu also acquired an 80-megawatt mining facility in Ethiopia, signaling further diversification of its infrastructure.
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