Bitmain and BitFuFu have agreed on a deal for the supply of approximately 80,000 Bitcoin mining machines.
In a move to significantly increase its Bitcoin mining capacity, BitFuFu has signed a two-year framework agreement with Bitmain, a leading manufacturer of cryptocurrency mining equipment. The agreement, announced on January 2, 2025, outlines the purchase of up to 80,000 S-series miners, including the S21 XP and S21 Pro models.
This strategic partnership aims to rapidly scale BitFuFu's global infrastructure and ensure a steady supply of new miners. The company is actively deploying these S21 series miners at newly acquired sites, such as a 51MW site in Oklahoma, and leased facilities with a combined capacity of 33 MW in the U.S.
BitFuFu's ambition is to reach a mining capacity of 1 GW (gigawatt) by the end of 2026. This growth includes deploying the latest efficient mining hardware from Bitmain, under the terms of this long-term agreement, to enhance operational scale and efficiency.
In addition to the partnership with Bitmain, BitFuFu has also made another significant expansion in its Bitcoin mining operations with the acquisition of a 80 MW Bitcoin mining operation in Ethiopia. The acquisition, finalized in October, was announced along with the partnership announcement on January 2, 2025.
The strategic partnership with Bitmain and the acquisition in Ethiopia are part of BitFuFu's broader growth strategy in Bitcoin mining and cloud mining services. The company aims to deliver top-notch, cost-effective Bitcoin mining solutions worldwide.
It's worth noting that the contract with Bitmain includes flexible payment terms, while the acquisition of the Ethiopian Bitcoin mining operation is a separate venture from the strategic partnership with BitMain. The Ethiopian Bitcoin mining operation is part of BitFuFu's strategy to reach 1 GW of mining power by the end of 2026, but it is not included in the initial purchase of up to 80,000 S-series miners from Bitmain.
With these strategic moves, BitFuFu is well on its way to becoming a major player in the Bitcoin mining industry, providing cost-effective and efficient mining solutions to clients around the world.
[1] BitFuFu Press Release, "BitFuFu Signs Two-Year Framework Agreement with Bitmain for 80,000 S-Series Miners", January 2, 2025. [2] BitFuFu Press Release, "BitFuFu Acquires 80 MW Bitcoin Mining Operation in Ethiopia", October 15, 2024.
- BitFuFu's strategic partnership with Bitmain, a leading technology company in the finance sector, involves the purchase of up to 80,000 S-series miners, aiming to bolster its Bitcoin mining capacity and compete in the rapidly evolving DEFI industry.
- In addition to the collaboration with Bitmain, BitFuFu has expanded its Bitcoin mining operations with the acquisition of an 80 MW Bitcoin mining operation in Ethiopia, further strengthening its commitment to reach a mining capacity of 1 GW by the end of 2026.
