CandleFocus Wall Street Bitcoin Miner Expands to Ethiopia to Combat 170% Surge in Production Costs
2024-10-22
Author: Content Editor
Bitcoin miner BitFuFu, listed on the Nasdaq, has announced plans to acquire a majority stake in an 80 MW crypto mining facility in Ethiopia. BitFuFu aims to access cheaper energy in East Africa to combat rising costs in the BTC mining industry, which have increased by 170% over the past year. The acquisition will increase BitFuFu's total hosting capacity to over 600 MW and is part of the company's strategy to strengthen its competitive position in the mining market. The Ethiopian facility is expected to lower BitFuFu's overall Bitcoin production expenses and enhance profitability. The company also plans to implement technological upgrades at the new plant to improve energy efficiency and mining capacity.
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