Cloud Miner BitFuFu Acquires 80 MW Bitcoin Mining Facility in Ethiopia 🌍

BitFuFu, a Singapore-based cloud mining company partnered with Bitmain, has acquired an 80-megawatt Bitcoin mining facility in Ethiopia. This is part of BitFuFu’s strategic move towards owning more direct assets and expanding its global presence.

While Ethiopia's Grand Ethiopian Renaissance Dam (GERD) is a popular mining site, BitFuFu hasn’t confirmed if their new facility will be there. They aim to capitalize on Ethiopia's hydroelectric power potential.

This acquisition is a critical milestone for BitFuFu as it transitions from an "asset-light" strategy to a diversified portfolio, increasing its mining capacity by 13% and aiming for profitability through reduced energy costs.

Ethiopia is attracting investments from Chinese firms following China's 2021 mining ban, offering ample power supply for large-scale mining operations. BitFuFu’s new facility supports its strategic expansion without disclosing the location.

BitFuFu seeks to enhance its global position by acquiring or building more facilities, pushing innovation in the digital asset sector, providing long-term value to shareholders.