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The cloud mining firm will be buying the latest Bitmain S-series miners, including the higher hashrate S21 XP and S21 Pro models.
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Singapore-based cloud Bitcoin miner BitFuFu has signed a two-year agreement with mining hardware giant Bitmain to purchase as many as 80,000 Bitcoin miners.
On Jan. 2, BitFuFu announced that the deal would enable it to buy the latest Bitmain S-series miners, including the higher hashrate S21 XP and S21 Pro models, in batches with flexible payment terms, including partial payment in BitFuFu shares.
“Our deep strategic partnership with Bitmain ensures a steady supply of the latest miners to rapidly expand our mining infrastructure globally with a target of adding 1 gigawatt in capacity by the end of 2026,” said Leo Lu, chairman and CEO of BitFuFu.
BitFuFu and Bitmain purchase agreement announcement. Source: BitFuFu
“The new miners will be utilized to bolster both our self-mining operations and cloud-mining services, delivering highly cost-effective and energy-efficient solutions, he added.
BitFuFu received early investment from Bitmain in 2021 and remains a strategic partner in the Bitcoin mining and mining services space.
The Nasdaq-listed firm has a current hosting capacity of 556 megawatts and 26.2 EH/s (exahashes per second) in hashrate under management, according to its website. It has 17 mining farms deployed globally, mostly in the United States, and boasts more than 450,000 registered users.
BitFuFu acquired its first bricks-and-mortar mining facility in October 2024, acquiring an 80-megawatt facility in Ethiopia in a move to diversify its infrastructure.
Meanwhile, Chinese mining hardware giant Bitmain revealed in December that it has expanded its production line to the United States to improve supply chain efficiency.
“This strategic move aims to provide faster response times and more efficient services to North American customers,” the firm said amid escalating trade tensions between the US and China.
Related: Despite Bitcoin’s surge, mining stocks struggle to match gains in 2024
BitFuFu shares (FUFU) surged 13% in reaction to the news on Jan. 2 to trade at $5.60, according to Google Finance.
BitFuFu shares 24 hours. Source: Google Finance
The firm holds 1,664 BTC in its treasury, worth an estimated $161 million at current market prices, according to BitcoinTreasuries.NET.
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This article first appeared at Cointelegraph.com News
