BitFuFu to Acquire 80-MW Bitcoin Mining Facility in Ethiopia

Core Insights - BitFuFu Inc. has announced a definitive agreement to acquire a majority stake in an 80 MW Bitcoin mining facility in Ethiopia, marking a strategic shift from an asset-light model to a more diversified Bitcoin mining infrastructure portfolio [1][2] - The acquisition is expected to enhance BitFuFu's hosting capacity to over 600 MW, with approximately 13% of this capacity being owned and operated by the company [1] - The new facility will potentially add 4.6 EH/s mining capacity and reduce the company's cost per Bitcoin due to power costs averaging below US$0.04 per kilowatt-hour [2] Company Strategy - The acquisition is seen as a critical milestone for BitFuFu as it aims to vertically integrate and diversify its Bitcoin mining operations [3] - The company plans to leverage lower energy costs from the new facility to reduce production expenses, expand operational capacity, and enhance profitability [3] - Future plans include technological upgrades to improve energy efficiency and mining capacity at the new site, as well as potential further acquisitions or facility constructions to strengthen its global position [3] Market Position - With most of its mining infrastructure currently in the United States, this acquisition will enhance BitFuFu's competitive advantages in the international market and expand its global footprint [2] - The new facility is expected to create valuable employment opportunities for the local community, contributing to regional economic development [2] - BitFuFu is recognized as a fast-growing digital asset mining service provider and maintains a strategic partnership with Bitmain, a leading digital asset mining hardware manufacturer [4]