Bitcoin mining company BitFuFu plans to acquire a majority stake in an 80 MW mining site in Ethiopia, which could increase computing power by 4.6 EH/s

Odaily Planet Daily News: BitFuFu, a Bitcoin mining company listed on NASDAQ, announced plans to acquire a majority stake in an 80 megawatt cryptocurrency mine in Ethiopia in search of cheaper energy in East Africa to cope with rising operating costs and shrinking profit margins. The specific acquisition amount has not been disclosed yet. Over the past year, BitFuFu's operating costs have surged by 170%, resulting in a 75% decrease in net profit. After equipping Bitmain's latest S21 series mining machines, the Ethiopian mine is expected to increase BitFuFu's computing power by 4.6 EH/s, with an average electricity cost of less than $0.04 per kilowatt hour, which is expected to reduce BitFuFu's Bitcoin production costs. Through this acquisition, BitFuFu's total custodial capacity will increase from 522 megawatts to over 600 megawatts, with approximately 13% currently owned and operated directly by the company. This marks its departure from its previous light asset strategy of third-party facility custody for its business.