BitFuFu may abandon its 80 MW Ethiopia Bitcoin mine purchase over a power dispute

BitFuFu might abandon its planned acquisition of an 80-megawatt Bitcoin mining site in Ethiopia. The site operator’s payment dispute with its power supplier imperils $4.1 million already paid by the miner. A power supplier’s 10-day notice put $4.1 million at risk The Singapore miner, listed on Nasdaq as FUFU, outlined the problem in a Form 6-K filed October 13. Through its subsidiary Finfront Holding Company, BitFuFu agreed on October 22, 2024 to acquire a majority stake in the Ethiopian company that operates the site. The deal never closed. The agreement has a number of unfulfilled conditions. BitFuFu is now reviewing its “contractual rights and available remedies.” Options include terminating the agreement, arbitration against the sellers, clawing back payments and removing its hardware.

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