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Welcome to The Mining Pod! Charlie Brady, VP of Investor Relations at BitFuFu joins us to dive into their Bitcoin mining operations. We explore their strategic expansion in Ethiopia with electricity costs under $0.04/kWh, their new 51MW Oklahoma facility targeting $0.03/kWh, and their cloud mining business that's grown to over 600,000 users. Charlie shares insights on their asset acquisition strategy, relationship with Bitmain, and plans to reach 1GW of secured power capacity by 2026.
Notes:
BitFuFu currently has 20.6 EH/s and 480MW hosting capacity
Ethiopia electricity costs below $0.04/kWh
Oklahoma site targets $0.03/kWh power costs
Cloud mining business grew to 602K+ users
Cloud mining = ~60% of company revenue
00:00 Start
02:09 Charlie's bio
02:31 Why work for BitFuFu?
04:00 Ethiopia
05:35 Ethiopia expansion
07:12 Ethiopia political stability
09:26 Oklahoma
11:58 Pathway to gigawatt?
12:59 AI & HPC
15:39 Bitmain influencing any AI decisions?
18:39 Cloud contract numbers
20:28 Who are the cloud customers?
26:18 Bear market for mining stocks
29:44 Hosting
