BitFuFu’s Stock Surges 13% After Major Deal with Bitmain

BitFuFu, a Singapore-based Bitcoin cloud mining firm, announced a game-changing two-year agreement with mining giant Bitmain. The deal involves acquiring up to 80,000 of Bitmain’s latest high-performance S21 XP and S21 Pro miners. This move aims to enhance BitFuFu’s global mining operations and cloud services, focusing on energy efficiency and cost-effectiveness. Leo Lu, CEO of BitFuFu, emphasized the partnership’s role in expanding the company’s mining capacity to 1 gigawatt by 2026. BitFuFu, which already manages 556 megawatts of hosting capacity and 26.2 EH/s hashrate, operates 17 mining farms globally, mostly in the U.S., and serves over 450,000 users. Following the announcement, BitFuFu’s Nasdaq-listed shares (FUFU) jumped 13%, trading at $5.60.