BitFuFu has announced plans to acquire a majority stake in an 80-MW mining facility in Ethiopia. This move aims to reduce rising production costs and improve profitability.

Shift in BitFuFu's Strategy

The acquisition of the facility in Ethiopia marks a significant shift in BitFuFu's strategy, as the company previously relied on third-party hosting. With this purchase, BitFuFu's capacity increases to 600 MW, with 13% under direct control.

Technological Upgrades for Efficiency

BitFuFu plans to upgrade its Ethiopian site with Bitmain S21 miners, boosting capacity to 4.6 EH/s. The site's energy costs average below $0.04 per kWh, reducing overall production expenses.

Outlook and Future Plans

The company is eyeing further acquisitions to expand its global footprint and boost capacity. Amidst rising costs, this forms part of a strategy to cut expenses and strengthen market position.

The acquisition of the Ethiopian facility highlights BitFuFu's efforts to expand and optimize its operations in the face of rising production costs, aiming to strengthen its industry position and improve financial outcomes.