BitFuFu, a Singapore-based cloud Bitcoin miner, has acquired its first physical mining facility in Ethiopia, marking a strategic shift towards a more resilient operational model. The newly acquired 80-megawatt (MW) facility will increase the company's total mining capacity from 522 MW to over 600 MW. This acquisition is expected to enhance profitability by capitalizing on lower energy costs, averaging below $0.04 per kilowatt-hour. CEO Leo Lu emphasized that this move is vital for BitFuFu's vertical integration and diversification of its mining operations, following a significant rise in operational costs due to increased energy prices. With plans to deploy Bitmain S21 ASIC miners, BitFuFu aims to ramp up its mining capacity further to 24.7 EH/s by Q2 2024. The company, founded by former Bitmain executives, previously relied on third-party facilities primarily in the US, but this new venture signifies a robust transition into direct ownership and management of mining resources.

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