Acquisition Of 80-Megawatt Bitcoin Mining Facility Causes Massive Buying Pressure

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, October 22, 2024

For those that don’t follow the cryptocurrency markets as closely as equities, Bitcoin and other digital assets have made a substantial comeback over the last month or so. With this broader shift from a consolidating/range-bound market, it’s no wonder that some equities with exposure to the cryptocurrency market have found recent success.

Just this morning, BitFuFu Inc. (Nasdaq:FUFU) announced it has entered into a definitive agreement to acquire a majority stake in an 80-megawatt (MW) Bitcoin mining facility in Ethiopia. Given the most recent success of the underlying assets, it’s no wonder that traders were quick to snatch up shares of this stock, pushing the share price up to $4.4.86/share (+9.46%) as we head into the close.

BitFuFu is a fast-growing digital asset mining service and a world-leading cloud-mining service provider. BitFuFu has been invested by, and is the only cloud-mining strategic partner of Bitmain to date, the world's leading cryptocurrency mining hardware manufacturer.

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