● In November 2024, BitFuFu held 1,643 BTC and produced 84 BTC from its self-mining operations.
● As of November 30, 2024, the company’s net cash position was US$98 million.
● BitFuFu aims to increase its capacity by an additional 1 GW by the end of 2026.
SINGAPORE, Dec. 06, 2024 — BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a leading global provider of Bitcoin mining and comprehensive mining services, released its unaudited November 2024 production and mining operations update today.
Beginning December 2024, BitFuFu will provide regular monthly updates to investors and the public, gradually expanding the scope of its monthly disclosures.
BTC Holdings: 1,643 BTC1 as of November 30, 2024
BTC Production: BitFuFu’s self-mining operations yielded 84 BTC in November 2024.
Miner Acquisitions and Activation: BitFuFu’s self-mining fleet grew by 13,300 miners (2.4 EH/s) in November 2024, comprising:
– 7,300 S19 XP miners (approximately 1 EH/s), purchased in October 2024 and activated in November 2024.
– 2,000 S21 XP miners (approximately 0.54 EH/s), purchased in November 2024, with activation anticipated in Q1 2025.
– 4,000 S21+ miners (approximately 0.86 EH/s), pre-ordered in November 2024.
Power Project Portfolio: BitFuFu is assessing approximately 700 MW2 of potential projects and aims to add 1 GW of capacity by the end of 2026.
Liquidity Status:
– Net cash totaled US$98 million as of November 303, 2024.
– A US$100 million line of credit was secured from Antpool Technologies at a fixed annual interest rate of 6.5%. These funds will be used to increase BTC holdings and expand self-mining operations. US$25 million was drawn down by November 30, 2024.
Leo Lu, BitFuFu’s Chairman and CEO, stated, “Since our IPO just over nine months ago, we’ve focused on operational optimization, product expansion, user experience enhancement, and positioning for sustained growth. We are only at the start of our growth trajectory and remain highly optimistic about the future and our capacity to enhance shareholder value.”
1 Includes 498 BTC pledged for loans and miner procurement payables, excluding BTC produced by cloud-mining customers.
2 Power projects under evaluation or in negotiation for long-term operational control, excluding the recently acquired 80 MW mining facility in Ethiopia.
3 Net cash of $98 million represents the total USD equivalent value of the Company’s digital assets, cash and cash equivalents, and short-term deposits as of November 30, 2024, less loans and interest-bearing long-term payables.
About BitFuFu Inc.
BitFuFu Inc. is a leading global provider of Bitcoin mining and comprehensive mining services, offering clients one-stop solutions, including cloud mining. BitFuFu received early investment from BITMAIN, a leading global digital asset mining hardware manufacturer, and remains BITMAIN’s key strategic partner in Bitcoin mining and mining services.
BitFuFu is dedicated to building a secure, compliant, and transparent blockchain infrastructure, providing diverse, stable, and intelligent digital asset mining solutions to a global client base. Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional clients and digital asset enthusiasts to mine digital assets efficiently.
For more information, please visit .
Forward-Looking Statements
This investor update press release contains “forward-looking statements” as defined by the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words like “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or similar expressions indicating future events or trends. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. These statements are based on various assumptions, whether or not explicitly stated, and on the current expectations of BitFuFu’s management and are not guarantees of actual performance. These statements involve risks, uncertainties, and other factors that could cause BitFuFu’s actual results to differ materially from those expressed or implied. While the Company believes its forward-looking statements are reasonably based, they are based on a combination of current facts and future projections, which are inherently uncertain. All information in this press release is current as of its date, and the Company has no obligation to update this information except as required by law.
For investor and media inquiries, please contact:
BitFuFu Investor Relations
Charley Brady
Vice President, Investor Relations
BitFuFu Media Relations
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