Cloud mining bitcoin platform, BitFuFu has entered into a two-year agreement with Bitmain, to acquire up to 80,000 S-series mining rigs.
The deal includes Bitmain’s latest S21 XP and S21 Pro models, which marks a major expansion for BitFuFu’s operations.
According to the original press release, the agreement allows BitFuFu to purchase miners in stages, offering flexibility to adjust to market conditions and operational needs.
The newly acquired hardware will support the Nasdaq-listed company’s self-mining efforts and expand its service portfolio, which includes miner resale, cloud mining, and hosting services. In terms of the deal’s financial structure.
BitFuFu can pay part of the purchase price in its own shares and defer a portion of cash payments interest-free until after the equipment is delivered. This arrangement is designed to maintain liquidity while advancing the company’s growth objectives.
Commenting on the development, Leo Lu, Chairman and CEO of BitFuFu, said that this strategic partnership with Bitmain will ensure a consistent supply of the latest miners to help the company grow its global mining operations and aim for an additional 1 GW of capacity by the close of 2026. The exec added,
Shortly after the announcement, its stock saw a double-digit gain to $5.60 on January 2nd before undergoing a minor correction to $5.42.
The latest development comes months after BitFuFu acquired a rival 80-megawatt (MW) Bitcoin mining facility in Ethiopia.
The post Nasdaq-Listed BitFuFu Secures 2-Year Deal with Bitmain for 80,000 Bitcoin Mining Rigs appeared first on CryptoPotato.
The deal includes Bitmain’s latest S21 XP and S21 Pro models, which marks a major expansion for BitFuFu’s operations.
According to the original press release, the agreement allows BitFuFu to purchase miners in stages, offering flexibility to adjust to market conditions and operational needs.
The newly acquired hardware will support the Nasdaq-listed company’s self-mining efforts and expand its service portfolio, which includes miner resale, cloud mining, and hosting services. In terms of the deal’s financial structure.
BitFuFu can pay part of the purchase price in its own shares and defer a portion of cash payments interest-free until after the equipment is delivered. This arrangement is designed to maintain liquidity while advancing the company’s growth objectives.
Commenting on the development, Leo Lu, Chairman and CEO of BitFuFu, said that this strategic partnership with Bitmain will ensure a consistent supply of the latest miners to help the company grow its global mining operations and aim for an additional 1 GW of capacity by the close of 2026. The exec added,
Shortly after the announcement, its stock saw a double-digit gain to $5.60 on January 2nd before undergoing a minor correction to $5.42.
The latest development comes months after BitFuFu acquired a rival 80-megawatt (MW) Bitcoin mining facility in Ethiopia.
The post Nasdaq-Listed BitFuFu Secures 2-Year Deal with Bitmain for 80,000 Bitcoin Mining Rigs appeared first on CryptoPotato.
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