Cloud mining bitcoin platform, BitFuFu has entered right into a two-year settlement with Bitmain, to accumulate as much as 80,000 S-series mining rigs.
The deal consists of Bitmain’s newest S21 XP and S21 Professional fashions, which marks a serious enlargement for BitFuFu’s operations.
Based on the unique press launch, the settlement permits BitFuFu to buy miners in levels, providing flexibility to regulate to market circumstances and operational wants.
The newly acquired {hardware} will assist the Nasdaq-listed firm’s self-mining efforts and broaden its service portfolio, which incorporates miner resale, cloud mining, and internet hosting providers. By way of the deal’s monetary construction.
BitFuFu will pay a part of the acquisition worth in its personal shares and defer a portion of money funds interest-free till after the tools is delivered. This association is designed to keep up liquidity whereas advancing the corporate’s progress targets.
Commenting on the event, Leo Lu, Chairman and CEO of BitFuFu, mentioned that this strategic partnership with Bitmain will guarantee a constant provide of the most recent miners to assist the corporate develop its world mining operations and purpose for a further 1 GW of capability by the shut of 2026. The exec added,
“The brand new miners will likely be utilized to bolster each our self-mining operations and cloud-mining providers, delivering extremely cost-effective and energy-efficient options. With the flexibleness to obtain tools in batches over the subsequent two years primarily based on operational calls for, this settlement additional reinforces our place as a frontrunner within the trade.”
Shortly after the announcement, its inventory noticed a double-digit achieve to $5.60 on January 2nd earlier than present process a minor correction to $5.42.
The most recent growth comes months after BitFuFu acquired a rival 80-megawatt (MW) Bitcoin mining facility in Ethiopia.
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