BitFuFu, a cloud mining platform for bitcoin, has signed a two-year contract with Bitmain to buy up to 80,000 S-series mining machines.
Following a significant alliance with Bitmain and the purchase of 80,000 mining machines to expand operations, BitFuFu’s price soars. The acquisition of Bitmain’s most recent S21 XP and S21 Pro models represents a significant growth for BitFuFu’s business. The original news release said that the arrangement gives BitFuFu the freedom to buy miners in phases, allowing it to adapt to changing market circumstances and operational requirements.
The recently purchased gear will help the Nasdaq-listed company’s self-mining endeavors and broaden its range of offerings, which now includes hosting, cloud mining, and miner resale. on the financial framework of the agreement.
BitFuFu has the option to postpone certain cash payments until after the equipment is delivered, interest-free, and pay a portion of the purchase price in its own shares. This arrangement is intended to support the company’s growth goals while preserving liquidity.
The strategic relationship with Bitmain will provide a steady supply of the newest miners to assist BitFuFu expand its worldwide mining operations and strive for an extra 1 GW of capacity by the end of 2026, according to Leo Lu, Chairman and CEO of BitFuFu, who commented on the news.
Its shares had a double-digit increase to $5.60 on January 2nd, just after the news, before a little pullback to $5.42.
The most recent event occurred months after BitFuFu purchased an 80-megawatt (MW) Bitcoin mining plant in Ethiopia from a competitor.
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