BitFuFu (FUFU) Issues November 2024 Production and Mining Operations Update

BitFuFu Inc. (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced unaudited production and mining operations updates for November 2024.

Starting in December 2024, BitFuFu will begin regularly issuing monthly updates for investors and the general public and expects to gradually expand its monthly disclosures with additional data.

BTC Held: 1,643 BTC¹ as of November 30, 2024

BTC Produced: 84 BTC produced from self-mining operations in November 2024

New Miner Acquisition and Energization: Self-mining fleet increased by 13,300 miners or in total of 2.4EH/s in November 2024, including:

- 7,300 S19 XP miners purchased in October 2024 and energized in November 2024, equating to approximately 1 EH/s in mining capacity

- 2,000 S21 XP miners purchased in November 2024 with energization expected in the first quarter of 2025, equating to approximately 0.54 EH/s in mining capacity

- 4,000 S21+ miners pre-ordered in November 2024, equating to approximately 0.86 EH/s in mining capacity

Power Project Pipeline: BitFuFu is currently evaluating approximately 700 MW² of potential projects and has set a target of adding 1 GW of capacity by the end of 2026.

Liquidity Update:

- Net cash of US$98 million as of November 30³, 2024

- Secured US$100 million line of credit from Antpool Technologies with a fixed annual interest rate of 6.5%. Funds drawn down will be used to increase BTC holdings and fund the expansion of the Company’s self-mining operations. As of November 30, 2024, US$25 million has been drawn down.

Leo Lu, BitFuFu’s Chairman and CEO, commented, “Since coming public just over nine months ago, our team has been working diligently to optimize operations, expand product offerings, improve the user experience, and position ourselves for continued strong growth in the years to come. We are only at the beginning of our growth journey and remain very optimistic on the future and our ability to increase shareholder value.”

¹ Includes 498 BTC pledged for loans and miner procurement payables, and excludes BTC produced by cloud-mining customers.

² Power projects under evaluation or in negotiation to secure long-tern operational control, excluding the recently acquired 80 MW mining facility in Ethiopia.

³ Net cash of $98 million reflects the total value of USD equivalent digital assets owned by the Company, cash and cash equivalents, and short-term deposits as of November 30, 2024, less loans and interest-bearing long-term payables.

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