Nasdaq-listed BitFuFu lands 2-year deal with Bitmain for 80,000 Bitcoin mining rigs

BitFuFu, the bitcoin cloud mining platform, has signed a two-year deal with Bitmain to acquire up to 80,000 S-series mining rigs.

The deal includes Bitmain’s latest S21 XP and S21 Pro models, which represents a significant expansion for BitFuFu’s operations.

According to the original press release, the deal allows BitFuFu to buy miners in stages, providing flexibility to adjust to market conditions and operational needs.

The newly acquired hardware will support the Nasdaq-listed company’s self-mining efforts and expand its portfolio of services, which includes miner resale, cloud mining and hosting services. Regarding the financial structure of the agreement.

BitFuFu may pay a portion of the purchase price with its own stock and defer a portion of interest-free cash payments until after the equipment is delivered. This arrangement is designed to maintain liquidity while advancing the company’s growth goals.

Commenting on the development, Leo Lu, Chairman and CEO of BitFuFu, said that this strategic partnership with Bitmain will ensure a steady supply of the latest miners to help the company grow its global mining operations and target an additional 1GW of capacity to part of closing 2026. The executive added:

“The new miners will be used to strengthen both our self-mining operations and cloud mining services, providing highly cost-effective and energy-efficient solutions. With the flexibility to acquire equipment in batches over the next two years based on demands operations, this agreement further strengthens our position as a leader in the industry.”

Shortly after the announcement, its stock saw a double-digit gain to $5.60 on January 2 before undergoing a small correction to $5.42.

The latest development comes months after BitFuFu acquired a rival 80 megawatt (MW) Bitcoin mining facility in Ethiopia.

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