BitFuFu to Acquire 80 MW Bitcoin Mining Farm in Ethiopia

Cloud mining service provider BitFuFu has finalised an agreement to acquire a controlling stake in an 80 MW bitcoin mining facility in Ethiopia.

According to a press release, the deal marks the company’s shift from managing small-scale assets to establishing its own mining infrastructure.

As of 30 June 2024, BitFuFu had 522 MW of capacity hosted by third-party service providers.

The acquisition in the African nation will increase the firm’s total capacity to over 600 MW, with 13% located at a site owned and controlled by the company.

The new mining facility will enable BitFuFu to add to its 4.6 EH/s hashrate by deploying Bitmain’s Antminer S21 series. With an average electricity cost of less than $0.04 per kWh, this is expected to reduce the cost of bitcoin production.

The company also noted that the majority of its capacity is based in the United States, so the deal will enhance geographical diversification and strengthen competitive advantages.

Back in March, BitFuFu listed on Nasdaq through a reverse merger with SPAC Arisz Acquisition Corp.