In simpler terms, the Bitcoin cloud mining service, BitFuFu, has signed a deal lasting two years with Bitmain, allowing them to purchase approximately 80,000 S-series mining machines for Bitcoin mining operations.
The agreement encompasses the newest S21 XP and S21 Pro versions from Bitmain, significantly broadening the scope of BitFuFu’s business activities.
As stated in the initial announcement, the deal enables BitFuFu to acquire mining equipment incrementally. This provides them with the ability to adapt to fluctuating market trends and operational requirements.
The recently procured equipment is set to bolster the NASDAQ-traded firm’s self-mining initiatives and extend its array of services, encompassing miner resales, cloud mining, and hosting solutions. Regarding the financial aspects of this agreement, let me clarify…
BitFuFu offers an option where they can contribute some of the cost using their own stocks, and they postpone certain cash installments without charging interest until the equipment has been delivered. This financial setup aims to preserve cash flow and facilitate the progress of the company’s expansion plans.
Speaking about the alliance, Leo Lu, head of BitFuFu as Chairman and CEO, expressed that this strategic partnership with Bitmain will guarantee a steady flow of cutting-edge mining equipment to fuel the expansion of their global mining operations. With these resources, the company plans to increase its capacity by an additional 1 Gigawatt by the end of 2026. Furthermore, Lu mentioned that this collaboration would be instrumental in achieving this ambitious goal.
We’ll put the recently acquired miners to work, strengthening both our own mining activities and cloud mining services. This move will provide cost-effective and energy-efficient results. Since we can buy equipment in groups over the next two years according to our needs, this deal solidifies our status as an industry front-runner.
Immediately following the announcement, the stock price climbed by more than ten percent to reach $5.60 on the 2nd of January. However, it subsequently experienced a slight adjustment, dropping to $5.42.
Recently, there’s been a significant update – this follows the acquisition of an opponent’s 80-MW Bitcoin mining center in Ethiopia by BitFuFu several months ago.
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2025-01-05 22:32