BitFuFu to acquire 80-MW Bitcoin mining facility in Ethiopia

BitFuFu (FUFU) announced it has entered into a definitive agreement to acquire a majority stake in an 80-megawatt Bitcoin mining facility in Ethiopia. This transaction marks the start of the company’s transition from an asset-light strategy to one that manages a diverse and robust portfolio of Bitcoin mining infrastructure. As of June 30, 2024, BitFuFu’s hosting capacity was 522 MW, all of which is hosted by third parties. Upon completion of this transaction, BitFuFu’s hosting capacity will surpass the 600MW mark, approximately 13% of which will reside in sites owned and operated by the company. The newly acquired mining facility will provide BitFuFu with the potential to add 4.6 EH/s mining capacity with the deployment of the latest Bitmain S21-series miners. With power costs averaging below $0.04 per kilowatt-hour, this acquisition is expected to reduce BitFuFu’s cost per Bitcoin. With the majority of BitFuFu’s mining infrastructure currently based in the United States, this acquisition strengthens the company’s competitive advantages in the international market and further expands its footprint globally. Additionally, the new facility will create valuable employment opportunities for the local community, contributing to regional economic development.