Bitmain Agrees to Supply up to 80,000 Cryptocurrency Mining Machines to BitFuFu
In a strategic move for global growth, BitFuFu, a leading player in the Bitcoin mining sector, has announced its expansion into Ethiopia. This latest move is part of the company's aim to reach 1 GW of mining power by the end of 2026.
The announcement was made on Twitter with the hashtags #BITMAIN, #GlobalExpansion, and #BTC. The expansion was initiated in October when BitFuFu signed a definitive agreement to acquire a controlling stake in an 80 MW Bitcoin mining operation in Ethiopia.
The deal includes flexible payment terms and the acquisition of the latest generation of miners, including the S21 XP and S21 Pro models, but it is separate from its contract with Bitmain for the purchase of up to 80,000 S-series miners.
BitFuFu's CEO, Leo Lu, stated that the deal will allow the company to rapidly scale its global infrastructure. The acquisition of the 80 MW Bitcoin mining operation in Ethiopia is a strategic move for BitFuFu's global growth.
The strategic partnership between BitFuFu and Bitmain ensures a steady supply of new miners. October marks another expansion move for BitFuFu, following the acquisition of a controlling stake in a Bitcoin mining operation.
The new Bitcoin mining operation in Ethiopia is expected to contribute to BitFuFu's overall mining capacity. Following the announcement, BitFuFu's shares rose by 13.13%.
While this expansion brings opportunities for capacity expansion, operational efficiency, and cloud mining growth, it also comes with risks. Regulatory scrutiny is a concern, especially given BitFuFu’s relationship with a large Chinese private firm amid fluctuating Chinese regulatory stances on crypto mining. Additionally, volatile cryptocurrency markets can affect mining profitability.
Despite these challenges, the expansion represents a major step in scaling Bitcoin mining infrastructure globally, driven by strategic partnerships and new hardware acquisition, enhancing both BitFuFu’s market position and Bitcoin ecosystem security.
[1] BitFuFu's Two-Year Contract with Bitmain for the Purchase of Up to 80,000 S-Series Miners. (2025, January 2). Retrieved from [link to source] [2] BitFuFu's Acquisition in Ethiopia Boosts Cloud Mining Sector. (2025, January 2). Retrieved from [link to source]
- BitFuFu's strategic partnership with Bitmain and the acquisition of the latest technology, such as the S21 XP and S21 Pro models, underscores the company's commitment to finance and technology-driven growth within the Bitcoin mining business.
- As BitFuFu continues its global expansion, the implementation of this strategy into diverse markets, like Ethiopia, demonstrates the company's ambition to dominate the Bitcoin finance industry on a global scale.
