08:43 AM EDT, 10/22/2024 (MT Newswires) -- BitFuFu ( FUFU ) said Tuesday it has agreed to acquire a majority stake in an 80-megawatt Bitcoin mining facility in Ethiopia, boosting its hosting capacity to over 600 megawatts.

The new facility is expected to enhance mining capacity by 4.6 EH/s using the latest Bitmain S21-series miners, and its power costs, averaging below $0.04 per kilowatt-hour, are anticipated to lower BitFuFu's ( FUFU ) cost per Bitcoin.

The acquisition will bolster BitFuFu's ( FUFU ) competitive advantages in the international market and expand its footprint globally, the company said.

It added that the facility is also expected to create job opportunities for the local community.