BitFuFu to Buy 80 MW Bitcoin Farm in Ethiopia
Cloud mining service provider BitFuFu has entered into a definitive agreement to acquire a controlling stake in an 80 MW Bitcoin mining facility in Ethiopia.
According to a press release, the deal marks the company’s shift from a strategy of managing small assets to building its own mining infrastructure.
As of June 30, 2024, BitFuFu had 522 MW of capacity hosted by third-party service providers.
The purchase of the facility in the African country will increase the firm’s total to over 600 MW, with 13% of that capacity located at a site owned and controlled by the company.
The new mining facility will allow BitFuFu to add to the 4.6 EH/s hashrate by deploying Bitmain’s Antminer S21 series rigs. It is expected that with an average electricity price of less than $0.04 kWh, this will reduce the cost of bitcoin mining.
The company also noted that most of its capacities are located in the United States, so the deal will expand geographic diversification and strengthen competitive advantages.
