BitFuFu, Backed by Bitmain, Acquires 80 MW Bitcoin Mine in Ethiopia

BitFuFu, supported by leading mining equipment manufacturer Bitmain, announced the acquisition of an 80 MW Bitcoin mining facility in Ethiopia. This deal will enable BitFuFu to significantly increase its mining capacity and leverage the low electricity costs in the region.

The CEO of BitFuFu stated that the company plans to deploy over 25,000 new ASIC miners, which will increase the total hash rate to 5 EH/s (exahashes per second). The project is expected to be fully operational by the end of 2025.

Ethiopia is becoming an attractive destination for mining companies due to its affordable electricity prices, abundance of renewable energy sources, and favorable climate conditions for equipment cooling. BitFuFu aims to strengthen its position in the global mining industry through strategic investments.