Bitmain Agrees Terms with BitFuFu for Potential Supply of 80,000 Cryptocurrency Mining Machines
In a significant move, BitFuFu, led by CEO Leo Lu, has signed a definitive agreement to acquire a controlling stake in an 80 MW Bitcoin mining operation in Ethiopia. This expansion forms part of BitFuFu's aim to reach 1 GW of mining power by the end of 2026.
The strategic partnership with Bitmain, while not specifically mentioned in the details of the Ethiopia deal, is expected to ensure a steady supply of new miners. However, it's important to note that the new models introduced by Bitmain in October were not part of the devices to be acquired under the two-year contract with BitFuFu.
The Ethiopia mining operation acquisition has seen a positive impact on BitFuFu's shares, with a 13.13% rise following the announcement.
Expanding Cloud Mining Capacity
BitFuFu has witnessed significant growth in its cloud mining capacity. Cloud mining revenue accounted for 81.7% of total revenue in Q2 2025, a testament to the company's strategic pivot towards cloud services. This growth has been instrumental in mitigating the impacts of the 2024 Bitcoin halving.
Focus on Operational Efficiency and Vertical Integration
Operational efficiency and vertical integration are key focus areas for BitFuFu. The company is exploring natural gas power generation in North America and Africa, aiming to reduce energy costs and decouple them from market volatility.
Increasing Mining Capacity
BitFuFu achieved a record hashrate of 38.6 EH/s in July 2025, with both self-mining and cloud mining contributing to this growth. The company is expanding its power capacity and hashrate, positioning itself for further growth in the sector.
Innovation and Partnerships
BitFuFu is innovating through Real-World Asset (RWA) tokenization, creating securitized assets for institutional investors. Partnerships with entities like MakerDAO enhance liquidity and diversify revenue streams, further solidifying its position in the Bitcoin mining sector.
The acquisition in Ethiopia and the potential partnership with Bitmain are part of BitFuFu's broader strategy of expanding its infrastructure and diversifying its operations. The deal includes flexible payment terms and the purchase of up to 80,000 S-series miners, although the specific models to be acquired under the two-year contract have not been disclosed.
As BitFuFu continues to expand its global footprint and strengthen its strategic initiatives, it remains at the forefront of the Bitcoin mining sector, poised for continued growth and innovation.
[1] BitFuFu Q2 2025 Earnings Report
[2] BitFuFu's Response to the 2024 Bitcoin Halving
[3] BitFuFu Partners with MakerDAO
[4] BitFuFu Achieves Record Hashrate in July 2025
- BitFuFu, with its strategic focus on technology, finance, and business, is setting its sights on expanding its Bitcoin mining operations beyond Ethiopia, as demonstrated by its potential partnership with Bitmain.
- As part of its Defi-driven approach, BitFuFu is venturing into innovative practices such as Real-World Asset (RWA) tokenization and partnerships with entities like MakerDAO, aiming to Securitize assets for institutional investors and Diversify its revenue streams.
