On January 2, BitFuFu, a cloud-based Bitcoin
$98,733.78
mining company from Singapore, announced the purchase of up to 80,000 Bitcoin miners from mining hardware provider Bitmain.
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.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
