Welcome to Mining Wednesday, where Blockspace covers the intersection of bitcoin mining, energy, and AI.

Today, we’re chatting BitFuFu: a cloud mining giant with significant connections to Bitmain. Plus, headline summaries you missed in mining!

It’s about a 5 minute read.

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Singapore-based BitFuFu has gotten little notoriety since its public debut in March 2024.

But it probably should. With over 20 EH/s deployed, 600,000 cloud mining users, and an entrenched relationship with Bitmain, BitFuFu has an impressive mining operation by most metrics. 

We sat down with Charlie Brady, Vice President of Investor Relations, to get a better profile of the mining giant. Below is an edited transcript for those who want to skip the podcast. 

Ethiopia

BitFuFu reports 80 MW of “Power Under Management.” That’s about 13% of the total megawatts (MW) deployed in the East Africa country for Bitcoin mining. The company initially moved machines from the U.S. to Ethiopia due to lower operational costs, claimed to be under $0.04 per kilowatt hour. 

Why it matters: Cheap energy is worth its weight in Bitcoin. Plus, the Ethiopian government seems to like Bitcoin. 

Watch: Bitcoin Mining in East Africa

Oklahoma

BitFuFu recently acquired a majority stake in a 51 MW mining facility, where its S21 XP deployment is nearing completion.

“We're going to be around $0.03 a kilowatt hour–so very, very competitive cost. You know, our cost of mine there when we get everything energized is going to be, about $18,000 a bitcoin before the depreciation,” Brady said.

Why it matters: Oklahoma is becoming a hub for Bitcoin mining, with several mega-miners moving into the neighborhood. State legislators are fairly far along in securing a Bitcoin reserve, too.

Read: State-level Strategic Bitcoin Reserve proposals, explained

Power pipeline

BitFuFu is currently operating across five continents. The company has set a goal to secure 1 gigawatt (GW) of power capacity by 2026. It is actively evaluating 700 MW worth of potential projects to meet that target.

Why it matters: Frankly, not much. Power “in the pipeline” is not power under contract. We’ve often seen miners tout their energy origination conversations to investors when the reality is it's nothing more than marketing language. Want to get us excited? Show investors low cost, reliable energy sources.

Read the full article by clicking here.

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