Mining company BitFuFu plans to acquire a majority stake in an 80-megawatt cryptocurrency mining facility in Ethiopia

Bitcoin mining company BitFuFu announced plans to acquire a majority stake in an 80 megawatt (MW) cryptocurrency mining facility in Ethiopia. This acquisition marks a shift for the Wall Street-based mining company as they seek cheaper energy in East Africa to cope with rising operational costs and shrinking profit margins.

Over the past year, BitFuFu's operating costs have surged by 170%, leading to a 75% decline in net profit. The company's entry into Ethiopia is expected to alleviate these challenges by reducing energy costs (averaging below $0.04 per kilowatt-hour).