BitFuFu Inc., a leading digital asset mining service and cloud-mining provider, has entered into a definitive agreement to acquire a majority stake in an 80-megawatt (MW) Bitcoin mining facility in Ethiopia. This strategic move marks the company’s transition from an asset-light model to managing a diverse portfolio of Bitcoin mining infrastructure.

As of June 30, 2024, BitFuFu’s hosting capacity stood at 522 MW, all hosted by third parties. The acquisition will increase the company’s hosting capacity to over 600 MW, with approximately 13% owned and operated directly by BitFuFu.

The Ethiopian facility is expected to add 4.6 exahashes per second (EH/s) to BitFuFu’s mining capacity upon deployment of Bitmain’s latest S21-series miners. With power costs averaging below $0.04 per kilowatt-hour, the acquisition aims to reduce the company’s Bitcoin production expenses.

BitFuFu’s mining infrastructure has been primarily based in the United States. The Ethiopian acquisition enhances the company’s competitive position in the international market and expands its global footprint. Additionally, the new facility is expected to create employment opportunities for the local community, contributing to regional economic development.

The acquisition aligns with BitFuFu’s goal to strengthen its global position by acquiring or building additional facilities and driving innovation in the digital asset mining sector.

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