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BitFuFu Acquires 80,000 Bitcoin Miners from Bitmain to Boost Operations
Last Updated: January 03, 2025
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Key Takeaways
- BitFuFu signed a 2-year deal to buy up to 80,000 miners from Bitmain, including the latest S21 Pro and S21 XP models;
- BitFuFu aims to boost mining capacity to 1GW by 2026, with operations across 17 sites and a hosting capacity of 556 MW;
- Bitmain expanded production to the US to ensure faster service and hardware delivery for North American customers.
On January 2, BitFuFu, a cloud-based Bitcoin
This two-year deal includes Bitmain's latest S21 Pro models and S21 XP, which promise efficient and cost-effective performance. Payments for the equipment were made in batches, with some costs covered through BitFuFu shares.
BitFuFu aims to increase its mining capacity by 1 gigawatt by 2026 to support its mining projects and cloud-mining services.
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BitFuFu has been a strategic partner of Bitmain since 2021, with its operations spanning 17 mining facilities worldwide, primarily in the United States.
The company currently manages a hosting capacity of 556 megawatts and a hashrate of 26.2 exahashes per second (EH/s). Additionally, its platform has over 450,000 registered users.
BitFuFu chairman and CEO, Leo Lu, explained that this partnership ensures a steady flow of advanced mining hardware, which allows the firm to expand its operations.
In October 2024, BitFuFu acquired its first physical mining site, an 80-megawatt facility in Ethiopia, to diversify its infrastructure.
Meanwhile, Bitmain recently expanded its production capabilities to the United States to streamline its supply chain. The company noted that this would enable faster service and support for its North American customers.
Another Bitcoin mining company, Hive Digital Technologies, recently announced plans to relocate its headquarters to Texas. Why? Read the full story.
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