BitFuFu

BitFuFu Inc. is a Singapore-headquartered Bitcoin mining and mining-services company. Founded by Leo Lu in December 2020, the company operates across both proprietary Bitcoin production and services for retail and institutional customers. Its principal business lines are self-mining, cloud mining, sales of Bitcoin mining machines, and miner hosting. It also operates a private-label mining pool and develops software intended to improve the management and efficiency of large-scale mining operations. The company’s self-mining business involves acquiring or developing mining facilities and deploying company-owned machines. Rather than immediately selling all of its mined Bitcoin, BitFuFu has described Bitcoin accumulation as part of its long-term asset-allocation approach. Its infrastructure strategy has expanded through facility acquisitions, leases, and purchase options in multiple jurisdictions. The company announced arrangements involving facilities in Ethiopia, the United States, and Oklahoma, while reporting a global power footprint spanning five continents. BitFuFu’s cloud-mining service allows customers to purchase contracts specifying a desired amount of hashrate and a service period. Customers can participate in Bitcoin mining without purchasing, installing, or directly maintaining physical equipment. The service is offered through the company’s website and mobile application and is aimed at both retail and institutional users. The company has characterized cloud mining as one of its major revenue-generating activities and reported more than 623,000 registered users as of June 30, 2025. The miner-sales business sources Bitcoin mining hardware, including requested models, for customers. Customers may either operate the machines themselves or combine purchases with BitFuFu’s hosting services. Under the hosting model, BitFuFu provides infrastructure such as rack space, electricity, network access, installation, pool connectivity, maintenance, and operational support. Customers retain ownership of their equipment and the Bitcoin mining rewards produced during the hosting term, subject to the applicable service arrangements. BitFuFu also operates BitFuFuPool, a private-label Bitcoin mining pool launched in December 2024. The pool is integrated with the company’s application and mining products and has been marketed with commission rates as low as zero percent. In January 2025, BitFuFu introduced BitFuFuOS, software with configurable overclocking and underclocking modes. The company’s broader Aladdin platform is designed to manage large-scale hash power and dynamically allocate capacity between self-mining and cloud-mining activities. Its described components include monitoring and automation, hash routing, and distribution functions. The company entered the public markets through a business combination with Arisz Acquisition Corp. announced in the SPAC process in late 2022 and completed in early 2024. BitFuFu’s Class A shares began trading on Nasdaq on March 1, 2024, under the symbol FUFU; its warrants traded under FUFUW. Following listing, the company continued pursuing facility expansion, hardware procurement, software development, and Bitcoin accumulation. In January 2025, it announced a multi-year framework arrangement with Bitmain covering 2024 through 2026 and providing an exclusive, non-obligatory right to purchase up to 80,000 new S-series mining machines. In 2025, BitFuFu also received visibility through its inclusion among the larger corporate holdings of the Bitwise Bitcoin Standard Corporations ETF and through sponsorship of the Bitcoin 2025 conference in Las Vegas. BitFuFu’s positioning combines direct exposure to Bitcoin production with an infrastructure-as-a-service model. Instead of focusing solely on proprietary mining, it seeks to provide access to mining equipment, computing capacity, facilities, software, and pool services through a single platform. Its business remains closely tied to Bitcoin prices, network difficulty, electricity costs, hardware availability, regulatory conditions, and the capital requirements of operating energy-intensive data-center infrastructure.

BitFuFu was founded by Leo Lu in December 2020 as a company focused on Bitcoin mining and mining-related services. From the outset, its model combined direct operation of mining equipment with services that allow customers to access mining capacity without building their own facilities. This structure developed into four principal operating areas: self-mining, cloud mining, miner sales, and miner hosting. In self-mining, BitFuFu acquires or develops facilities and deploys company-owned machines. The company has stated that it retains mined Bitcoin as a long-term holding rather than treating all production as immediately realizable operating revenue. Its infrastructure expansion has included arrangements in Africa and the United States. In October 2024, it announced an agreement to acquire an 80 MW facility in Ethiopia. It also entered into long-term leases with purchase options for two United States facilities totaling 33 MW in September and November 2024. In February 2025, it finalized an agreement involving a 51 MW Bitcoin-mining facility in Oklahoma. The cloud-mining business provides customers with contractual access to hashrate. Users select a hashrate quantity and service duration through BitFuFu’s website or mobile application and receive Bitcoin-mining rewards without directly owning or maintaining the underlying equipment. Miner sales broaden the platform’s role into hardware procurement, while hosting services allow customers to place personally owned machines in BitFuFu-operated infrastructure. Hosting includes installation, electricity and network arrangements, pool connectivity, and routine maintenance, while customers retain ownership of their equipment and the associated mining rewards under the service terms. BitFuFu pursued public-market access through a proposed merger with Arisz Acquisition Corp. announced in late 2022. The business combination was completed in early 2024, and the company’s Class A shares began trading on Nasdaq on March 1, 2024, under FUFU. Its warrants traded under FUFUW. The listing gave BitFuFu a public-company structure while it continued investing in mining capacity, hardware procurement, software, and Bitcoin holdings. Technology became a more visible component of the business in late 2024 and early 2025. BitFuFu launched BitFuFuPool, a private-label Bitcoin mining pool, in December 2024. In January 2025, it launched BitFuFuOS, software offering adjustable overclocking and underclocking modes intended to help operators adapt machine performance to operating conditions. The company also describes an internal Aladdin system for managing large amounts of hash power. Aladdin includes monitoring and automation, hash routing, and distribution functions intended to allocate capacity between self-mining and cloud-mining operations. In January 2025, BitFuFu announced a multi-year framework agreement with Bitmain covering 2024 to 2026. The arrangement granted BitFuFu an exclusive but non-obligatory right to purchase up to 80,000 new S-series mining machines, including models such as the S21 XP and S21 Pro. The company also reported continued expansion of its platform. According to the cited reference material, as of June 30, 2025, BitFuFu managed 36.2 EH/s of total hashrate, had 728 MW of combined global power capacity across five continents, and had more than 623,000 registered cloud-mining users. It reported holding 1,792 Bitcoins at that date. BitFuFu’s later public profile included recognition as one of the larger corporate holdings of the Bitwise Bitcoin Standard Corporations ETF in March 2025 and sponsorship of the Bitcoin 2025 conference in Las Vegas in May 2025. Its overall strategy is to combine Bitcoin treasury exposure and proprietary mining with a platform model offering customers equipment, hashrate, hosting, pool access, and software. The company’s performance remains exposed to Bitcoin-market conditions, mining difficulty, power prices, equipment economics, infrastructure availability, and regulatory developments.

• 2025

  BitFuFuOS launches

  [1]BitFuFuen.wikipedia.org

  BitFuFu introduced mining-management software supporting configurable overclocking and underclocking modes.

• 2025

  BitFuFu finalizes Oklahoma facility acquisition

  [1]BitFuFuen.wikipedia.org

  The company finalized a transaction involving a 51 MW Bitcoin-mining facility in Oklahoma.

• 2024

  BitFuFu becomes a Nasdaq-listed company

  [1]BitFuFuen.wikipedia.org

  After completing its business combination with Arisz Acquisition Corp., BitFuFu began Nasdaq trading on March 1 under FUFU.

• 2024

  BitFuFu expands physical mining infrastructure

  [1]BitFuFuen.wikipedia.org

  The company announced an Ethiopian facility acquisition and leases with purchase options for two United States facilities.

• 2024

  BitFuFuPool launches

  [1]BitFuFuen.wikipedia.org

  BitFuFu launched its private-label Bitcoin mining pool in December.

• 2022

  SPAC merger plans are announced

  [1]BitFuFuen.wikipedia.org

  BitFuFu announced plans to combine with Arisz Acquisition Corp. and pursue a public listing.

• 2020

  BitFuFu is founded

  [1]BitFuFuen.wikipedia.org

  Leo Lu founded BitFuFu in December 2020 as a Bitcoin-mining and mining-services company.

An integrated Bitcoin-mining platform combining proprietary mining, cloud-based hashrate access, hardware sales, hosted infrastructure, mining-pool services, and operational software.

• Bitcoin mining

  Self-mining

  BitFuFu operates company-owned Bitcoin mining machines in facilities it acquires, develops, leases, or otherwise manages. The business is also part of the company’s long-term Bitcoin accumulation strategy, with mined coins retained as treasury assets according to the company’s stated approach.

• Mining-as-a-service

  Cloud mining

  Cloud mining lets retail and institutional customers purchase access to a selected amount of hashrate for a specified service period. Customers use BitFuFu’s website or mobile application and can participate in Bitcoin mining without purchasing or maintaining physical mining equipment.

• Mining hardware

  Miner sales

  BitFuFu sells Bitcoin mining machines and can source particular models according to customer requirements. Hardware purchases may be paired with hosting, allowing customers to acquire equipment while outsourcing facility operation, installation, connectivity, and maintenance.

• Data-center services

  Miner hosting

  The hosting service places customer-owned miners in BitFuFu facilities. BitFuFu provides rack space, power, network access, installation, mining-pool connectivity, and ongoing maintenance, while customers retain equipment ownership and the resulting mining rewards under their contracts.

• Bitcoin mining pool · 2024

  BitFuFuPool

  BitFuFuPool is a private-label Bitcoin mining pool launched in December 2024. It is accessible through the BitFuFu application and connected to the company’s cloud-mining and miner-service products. The pool has been presented with commission rates as low as zero percent.

• Mining software · 2025

  BitFuFuOS

  BitFuFuOS is mining-optimization software launched in January 2025. It supports customizable overclocking and underclocking settings and allows operators to adjust machine power and frequency in response to operating conditions.

• Mining-management platform

  Aladdin

  Aladdin is BitFuFu’s proprietary system for managing large-scale hash power. Its described functions include real-time monitoring and automation through FuFu Sentry, hash routing through the FuFu Proxy System, and protocol execution and hash distribution through the FuFu Dispatcher Engine.

• 2025Bitcoin 2025 sponsorship

  United States · Global cryptocurrency industry

  BitFuFu sponsored the Bitcoin 2025 conference in Las Vegas, associating the company with a major industry event and promoting its mining and infrastructure platform.

  Source

• 2025

  Launch of BitFuFuOSProduct launch

  Background

  Mining operators need to tune power consumption and machine performance as environmental and economic conditions change.

  Action taken

  BitFuFu launched software supporting configurable overclocking and underclocking modes.

  Aftermath

  The product expanded BitFuFu’s offering into mining-optimization software.

  Source

• 2025

  Bitmain hardware procurement frameworkStrategy

  Background

  BitFuFu sought a longer-term supply relationship for newer Bitcoin mining machines.

  Action taken

  In January 2025, it announced a 2024–2026 framework agreement with Bitmain giving it an exclusive, non-obligatory right to purchase up to 80,000 new S-series machines.

  Aftermath

  The arrangement provided a potential source of additional hardware capacity, including S21 XP and S21 Pro models.

  Source

• 2025

  Acquisition of an Oklahoma mining facilityM&A

  Background

  BitFuFu continued expanding owned or controlled mining infrastructure in the United States.

  Action taken

  The company finalized an agreement to acquire a 51 MW Bitcoin-mining facility in Oklahoma.

  Aftermath

  The transaction added reported United States capacity to the company’s mining footprint.

  Source

• 2024

  Expansion of mining-facility capacityStrategy

  Background

  BitFuFu pursued additional physical capacity to support self-mining and hosted operations.

  Action taken

  It announced an 80 MW Ethiopian facility acquisition and leases with purchase options for two United States facilities totaling 33 MW.

  Aftermath

  The announcements broadened the company’s geographic infrastructure footprint.

  Source

• 2024

  Launch of BitFuFuPoolProduct launch

  Background

  BitFuFu sought to extend its integrated mining platform beyond cloud contracts and physical infrastructure.

  Action taken

  The company launched a private-label Bitcoin mining pool in December 2024.

  Aftermath

  The pool became accessible through the BitFuFu application and related mining services.

  Source

• 2022

  Pursuit of a SPAC business combinationM&A

  Background

  BitFuFu sought access to the public markets through a transaction with Arisz Acquisition Corp.

  Action taken

  The company announced a planned business combination that was completed in early 2024.

  Aftermath

  BitFuFu’s Class A shares began trading on Nasdaq in March 2024 under FUFU, with warrants under FUFUW.

  Source

• 2021.03.22

  Reported2021.03.22

  Taoping and BitFuFu enter blockchain cloud-computing partnership[2]淘屏与比特富富达成区块链云计算战略合作finet.hk

  Taoping and BitFuFu entered a strategic cooperation agreement for business collaboration in blockchain cloud-computing capacity worldwide. Taoping agreed to purchase $10 million in blockchain cloud-computing services from BitFuFu, with an initial $1 million order agreement signed at the same time.

Read more

1. 1BitFuFuen.wikipedia.org
2. 2淘屏与比特富富达成区块链云计算战略合作finet.hk