BitFuFu Launches New Bitcoin Mining Pool

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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December 6, 2024

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BitFuFu, a prominent player in the crypto mining sector, announced the launch of BitFuFu Pool, its private-label Bitcoin mining pool. With a commission rate starting at 0.4%, this offering is targeted at institutional and retail miners seeking cost-effective solutions.

BitFuFu Unveils New Bitcoin Mining Pool

As part of its expansion strategy, BitFuFu has allocated its entire self-mining hashrate to the new pool. This move consolidates the company’s mining resources and significantly enhances the pool’s capacity, positioning it as a competitive force in the market.

According to BitFuFu, the pool will be integrated into its existing application, allowing seamless access for users of its cloud-mining products and miners.

In addition, BitFuFu has emphasized its efforts to cater to institutional clients. The company is offering tailored services such as sales consultations, real-time monitoring tools, and maintenance solutions.

BitFuFu focuses on providing customized solutions that address large-scale mining needs. The company also plans to introduce firmware solutions and other tools designed to optimize mining efficiency.

The company’s launch of the pool comes amid rising demand for more efficient Bitcoin mining services.

BitFuFu mined 84 BTC from self-mining operations in November 2024 with a total of 2.4EH/s in mining capacity, according to a recent report. The company disclosed that it currently holds 1,664 BTC as part of its disciplined treasury management strategy. It combines Bitcoin accumulation through mining and generating revenue from cloud mining services.

BitFuFu’s timing aligns with increased activity in the market, as Bitcoin recently experienced a sharp price fluctuation.

After surpassing $100,000, Bitcoin’s price faced a sudden drop by 4.81% in the past 24 hours, trading at $98,106 at press time. This resulted in $649 million in liquidations across the crypto sector, with Bitcoin alone accounting for $216.95 million.

Aimed at Institutional Growth

In addition to launching its new Bitcoin mining pool, BitFuFu is also expanding its operations by acquiring a majority stake in an 80-megawatt mining facility in Ethiopia.

The acquisition aligns with BitFuFu’s efforts to counter soaring operational costs, which have surged by 170% in the past year. In the global Bitcoin mining sector, average energy costs typically range between $0.05 to $0.08 per kilowatt-hour, with some regions exceeding $0.10.

With energy prices in Ethiopia averaging below $0.04 per kilowatt-hour, the company expects to lower its Bitcoin production costs.

BitFuFu’s comprehensive approach reflects a growing trend in the industry toward consolidation and specialized services.

Along with launching its Bitcoin mining pool and expanding into Ethiopia, BitFuFu has seen impressive financial growth. In the first quarter of 2024, the company reported a 149% spike in revenue, reaching $144.4 million.