Nasdaq-listed BitFuFu lands 2-year deal with Bitmain for 80,000 Bitcoin mining rigs

Bitcoin cloud mining 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 buy miners in stages, offering flexibility to adapt 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 resellers, cloud mining, and hosting services . Regarding the financial structure of the contract.

BitFuFu can pay a part of the purchase price​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​fronts. This arrangement is designed to maintain liquidity while promoting the company's growth goals.

Commenting on the development, Leo Lu, Chairman and CEO of BitFuFu, said that this strategic partnership with Bitmain will ensure a constant supply of the latest miners to help the company to grow its global mining operations and aim for an additional 1 GW of capacity with the company. end of 2026. The executive said,

“The new miners will be used to enhance both our self-mining operations and our cloud mining services, delivering highly cost and energy efficient solutions. With the flexibility to acquire equipment in batches over the next two years based on operational demands, this agreement reinforces our position as a leader in the industry.”

Shortly after the announcement, its stock saw a double-digit gain to $5.60 on January 2 before undergoing a slight correction to $5.42.

The latest development comes months after BitFuFu acquired a rival 80-megawatt (MW) Bitcoin mining facility in Ethiopia.