BitFuFu, a cloud Bitcoin mining company based in Singapore, has entered into a significant two-year agreement with Bitmain, a leading mining hardware manufacturer. This arrangement allows BitFuFu to acquire up to 80,000 units of the latest Bitmain S-series miners, including the advanced S21 XP and S21 Pro models, with flexible payment options that include the possibility of partial payments in BitFuFu shares.
CEO Leo Lu emphasized the strategic partnership with Bitmain, indicating that it paves the way for rapid expansion of BitFuFu’s mining infrastructure. The aim is to increase the company’s capacity by 1 gigawatt by the end of 2026. The new miners will be crucial in enhancing both self-mining operations and cloud-mining services, providing users with cost-effective and energy-efficient solutions.
BitFuFu has established itself firmly in the mining industry, having received early investment from Bitmain in 2021. The company manages a substantial hosting capacity of 556 megawatts and an impressive hashrate of 26.2 EH/s across 17 global mining farms, primarily located in the United States. With more than 450,000 registered users, the company is rapidly gaining traction in the competitive landscape.
In a notable move to diversify its infrastructure, BitFuFu expanded its operations in October 2024 by acquiring an 80-megawatt mining facility in Ethiopia. This facility marks its first physical mining site and indicates a strategic effort to broaden its footprint in the global market.
Amid these developments, Bitmain has recently expanded its production capabilities to the United States to enhance supply chain efficiency. This decision, made in light of ongoing trade tensions between the US and China, aims to deliver improved service to customers in North America.
In the wake of the announcement, BitFuFu’s stock experienced a 13% increase, reaching $5.60. The company currently holds 1,664 BTC in its treasury, valued at approximately $161 million based on current market rates.
