Bitcoin Miner BitFuFu to Acquire 80MW Mining Facility in Ethiopia

Today, leading mining service provider BitFuFu revealed that it is in talks to acquire a new Bitcoin mining facility, in a bid to strengthen the firm’s global position and deliver long-term value to its customers.

BitFuFu’s Expansion Foresight

The proposed facility measuring 80 megawatts (MW) will lay the cornerstone for the firm to transition its business model strategy from asset-light to managing a strapping and diverse portfolio of Bitcoin mining infrastructure.

Suppose the acquisition of the Ethiopia facility becomes actualized. In that case, BitFuFu will be better equipped to increase its mining capacity by 4.6 EH/s (exa hash per second), as the mining company hopes to leverage the latest Bitmain S21 series miner.

Hosting Mining Space

Previously, the mining firm had a hosting capacity of 522MW, which was under third-party hosts. However, upon the successful acquisition of the latest mining facility, the company’s hosting capacity will hit 602MW, a new milestone. BitFuFu will now host 13% of its mining capacity on the company’s site rather than a third-party host.

In addition to boosting economic growth and opening up new job opportunities for the region, the new site acquisition will place BitFuFu in a strategic position to compete well in the international market.

Commenting on the development, BitFuFu CEO Leo Lu sees it as a critical milestone for the mining firm to integrate and move forward to a more resilient Bitcoin portfolio.

“As we integrate this facility into our global infrastructure, we can capitalise on lower energy costs to reduce Bitcoin production expenses and enhance profitability,” he said.

While Bitcoin miner BitFuFu makes a move to expand its mining infrastructure, some mining firms are shutting down their Bitcoin mining operations.

Just recently, German-based technology and high-performance computing (HPC) solutions provider, Northern Data, revealed plans to offload mining rigs from its Bitcoin mining space and divert funds into Artificial Intelligence initiatives and software development.