SINGAPORE - BitFuFu Inc. (NASDAQ:FUFU), a $912 million market cap company recognized for its Bitcoin mining and mining services, has announced the introduction of BitFuFu Pool (NASDAQ:POOL), a new private-label mining pool. The company, which has shown impressive revenue growth of 78% over the last twelve months, is launching this service with industry-low commission rates starting at 0.4%. The pool will be accessible to users of the BitFuFu app purchasing cloud-mining products and miner services starting next week. Customers using the app can look forward to promotional benefits accompanying the launch of this new feature. InvestingPro analysis shows the stock has delivered a strong 52% return over the past six months, suggesting growing investor confidence in the company's expansion initiatives.
BitFuFu Pool is currently dedicated to Bitcoin mining, with the company revealing plans to broaden its mining capabilities to include other digital currencies in the future. With a healthy current ratio of 4.09, indicating strong short-term financial stability, the company appears well-positioned for this expansion. The company's strategic partners have co-invested in this venture, and they will collaborate in its operation. BitFuFu has also advised institutional clients to reach out to their sales representatives for tailored pooling services.
The company has begun directing its self-mining operation's hashrate toward BitFuFu Pool and intends to allocate its entire growing self-mining hashrate to the pool eventually. This move underscores BitFuFu's commitment to enhancing its mining ecosystem and providing a comprehensive suite of services that cater to both institutional and retail customers. These services include mining pools, real-time monitoring tools, firmware solutions, maintenance services, and user-friendly one-click-order solutions.
Leo Lu, CEO of BitFuFu, commented on the launch, stating that the competitive commission rates are designed to help independent miners and mining farms maximize their revenues. For investors seeking deeper insights into BitFuFu's financial health and growth potential, InvestingPro offers exclusive access to 13 additional ProTips and comprehensive financial metrics, including detailed profitability analysis and growth forecasts. He emphasized the company's focus on delivering comprehensive service capabilities, supported by extensive research and development expertise and the backing of their partners.
BitFuFu has established itself as a significant player in the Bitcoin mining sector, having received early investment from BITMAIN, a prominent manufacturer of digital asset mining hardware. The company maintains a strategic partnership with BITMAIN in the mining and mining service space. BitFuFu is committed to developing a secure, compliant, and transparent blockchain infrastructure, offering a variety of mining solutions to a global clientele.
The information in this article is based on a press release statement. It should be noted that forward-looking statements involve risks and uncertainties and actual results may differ materially from those projected. BitFuFu urges caution in reliance on these forward-looking statements, which are valid only as of their date.
In other recent news, BitFuFu Inc, a key player in digital asset mining, has made notable strides in its business strategy and infrastructure expansion. The company recently announced the acquisition of a majority stake in an 80-megawatt Bitcoin mining facility located in Ethiopia. This move is expected to increase BitFuFu's hosting capacity beyond 600MW and lower the cost of Bitcoin production due to the facility's low power costs.
The acquisition also signifies a shift in BitFuFu's operational model, with the company now owning a more diverse range of mining infrastructure. The new site in Ethiopia is anticipated to enhance BitFuFu's mining capacity and extend its operational footprint. The move also aims to create employment opportunities in the local community, contributing to economic growth.
In addition to this, BitFuFu has announced changes to its board of directors. The company confirmed the departure of Mr. Yang Zhao and the appointment of Mr. Huaiyu Liu and Mr. Joshua Kewei Cui as independent directors. Both new appointments bring substantial experience in their respective fields, indicating BitFuFu's efforts to fortify its board with seasoned professionals. These developments are part of BitFuFu's ongoing efforts to strengthen its global position and deliver long-term value to its shareholders.
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