BitFuFu Signs Deal With BITMAIN to Acquire 80,000 Miners
Nasdaq-listed Bitcoin mining firm BitFuFu Inc. has signed an agreement with BITMAIN, a manufacturer of digital asset mining hardware, to acquire up to 80,000 S-series miners.
đź“Ł We've signed a 2-year deal with BITMAIN to acquire up to 80,000 state-of-the-art miners. Flexible orders and payment terms help us expand capacity and deliver top-notch, cost-effective Bitcoin mining solutions worldwide. #BITMAIN #GlobalExpansion #BTC pic.twitter.com/OSMdXOp8fd
— BitFuFu (@BitFuFuOfficial) January 2, 2025
In a press release shared with CryptoNews, BitFuFu said it has entered a two-year framework agreement under which it will acquire miners, including BITMAIN’s flagship models, the S21 XP and S21 Pro.
Agreement Gives Firm Flexibility to Place Orders Anytime
The agreement will give BitFuFu flexibility in placing orders in batches over the next two years.
BitFuFu said it will have the option to pay a portion of the purchase price using its shares and defer part of the cash payments interest-free after the miners are delivered.
“Our deep strategic partnership with BITMAIN ensures a steady supply of the latest miners to rapidly expand our mining infrastructure globally, with a target of adding 1 GW in capacity by the end of 2026,” said Leo Lu, CEO of BitFuFu.
BitFuFu Launches New Bitcoin Mining Pool
In December, BitFuFu launched BitFuFu Pool, its private-label Bitcoin mining pool.
đź› @BitFuFuOfficial, a leader in cryptocurrency mining, has launched its private Bitcoin pool, BitFuFu Pool, to enhance mining efficiency and cater to a broader audience.#BitcoinMining #SelfMininghttps://t.co/FDWABIOHdP
— Cryptonews.com (@cryptonews) December 6, 2024
With a commission rate starting at 0.4%, this offering is targeted at institutional and retail miners seeking cost-effective solutions.
BitFuFu mined 84 BTC from self-mining operations in November 2024 with a total of 2.4EH/s in mining capacity, according to a recent report.
The firm has disclosed it currently holds 1,664 BTC as part of its disciplined treasury management strategy.
BITMAIN Expands Production to the US
China-based mining hardware manufacturer BITMAIN has also announced the expansion of its production operations to the US citing a strategic goal of improving supply chain efficiency.
⛏️ Bitmain has announced the expansion of its production operations to the United States to improve supply chain efficiency.#Bitcoin #Mininghttps://t.co/Bgq1u9ROqK
— Cryptonews.com (@cryptonews) December 10, 2024
This stems from trade tensions between China and the US, emphasizing the need for companies to adapt to geopolitical challenges.
Source: cryptonews.com
