BitFuFu, a cloud miner partnered with Bitmain, acquired an 80-megawatt Bitcoin mining facility in Ethiopia. This purchase is part of an overall strategy shift from BitFuFu, with more global presence and direct asset ownership.

The Grand Ethiopian Renaissance Dam (GERD) is Ethiopia’s most popular destination for miners, but BitFuFu has not confirmed the site will be here.

BitFuFu’s Ethiopian Strategy

BitFuFu, a Singapore-based cloud mining company partnered with Bitmain, announced in a press release the acquisition of an 80-megawatt Bitcoin mining facility in Ethiopia. Bitmain, an early investor in BitFuFu, has been significantly expanding its Bitcoin mining investments this year. According to the press release, BitFuFu is “Bitmain’s sole strategic partner in the cloud mining space.”

Read More: BitFuFu Review 2024: A Guide to The Cloud Mining Platform

This facility will be a substantial expansion to BitFuFu’s mining capabilities. Before this, most of BitFuFu’s infrastructure was based in the United States and hosted by third-party providers. The new facility will boost BitFuFu’s capacity by 13%, aligning with the company’s shift from an “asset-light” strategy to owning a more diversified portfolio of mining assets.

“This acquisition is a critical milestone as we work to vertically integrate and transition towards a more diversified and resilient portfolio of Bitcoin mining sites. As we integrate this facility into our global infrastructure, we can capitalize on lower energy costs to reduce Bitcoin production expenses, expand our operational capacity, and enhance profitability,” said CEO/Chairman Leo Lu.

Ethiopia has emerged as a Go to Source to See Full Article
Author: Landon Manning

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details