Singapore-based cloud Bitcoin miner BitFuFu has announced a landmark agreement with mining hardware giant Bitmain to purchase 80,000 cutting-edge Bitcoin miners over the next two years. This strategic move, revealed on January 2, highlights the evolving collaboration between the two companies and BitFuFu’s ambitions to expand its global mining infrastructure.
Next-Gen Mining Hardware
Under the deal, BitFuFu will acquire Bitmain’s latest S-series models, including the high-performance S21 XP and S21 Pro miners. Flexible payment terms, including partial payment in BitFuFu shares, are part of the agreement, showcasing the deep partnership between the two firms.
Leo Lu, Chairman and CEO of BitFuFu, explained the importance of the collaboration. “This agreement ensures a steady supply of the latest miners to rapidly scale our operations worldwide. We aim to add 1 gigawatt of capacity by the end of 2026, enhancing both self-mining and cloud-mining services,” Lu stated.
Rapid Expansion of BitFuFu
BitFuFu, a Nasdaq-listed company, has been making major strides in the Bitcoin mining industry. With 17 mining farms primarily in the United States and a hosting capacity of 556 megawatts, the firm manages 26.2 EH/s (exahashes per second) in hashrate. It boasts a robust user base of over 450,000 registered users.
In October 2024, BitFuFu acquired its first physical mining facility—an 80-megawatt site in Ethiopia—marking its entry into owning and operating infrastructure. The purchase was a strategic effort to diversify its operations geographically and solidify its standing in the competitive mining sector.
The latest deal is expected to further solidify BitFuFu’s position in the industry while enhancing its energy-efficient mining capabilities. The company’s treasury currently holds 1,664 BTC, worth approximately $161 million at current prices, reflecting its robust financial health.
Meanwhile, Bitmain recently expanded its production line to the United States to address supply chain challenges. “This strategic move ensures faster service and response times for North American customers,” the company noted, signaling its commitment to global market leadership amid ongoing U.S.-China trade tensions.
Following the announcement, BitFuFu’s shares surged 13%, reaching $5.60, signaling strong market confidence in the company’s growth trajectory.
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