BitFuFu, a player in Bitcoin mining and cloud mining services, has announced BitFuFu Pool, a private label mining pool. The pool is attractive to institutional investors and individual miners alike, with commission rates starting at 0.4%.
BitFuFu also said that as part of its expansion plans, it will allocate all self-mined hashrate to new pools to increase mining capacity. Additionally, the company states that it currently owns 1,664 Bitcoins.
BitFuFu expands its services with new Bitcoin mining pool
According to the latest release, BitFuFu has launched BitFuFu Pool, a private label Bitcoin mining pool offering fees starting from 0.4%. This new service will be available starting next week through the BitFuFu application. This service is available to users and miners who purchase cloud mining products.
Furthermore, BitFuFu has decided to send the entire self-mined hashrate to a new pool. This means that all computing power dedicated to Bitcoin mining is put into the BitFuFu pool. This transition increases the capacity of the pool and attracts more miners seeking efficient and cost-effective mining methods.
In addition, the company is also focused on providing a variety of services to both institutional and individual customers. These include real-time monitoring tools, firmware solutions, maintenance services, and user-friendly platforms that facilitate mining operations.
This strategic development comes amid rising Bitcoin prices and growing demand for more efficient mining services. However, after crossing $100,000, BTC price fell sharply and dropped to $97,640 in a sudden flash crash. The decline caused a total of more than $649 million in liquidations across the cryptocurrency market, with Bitcoin suffering a loss of $216.95 million.
Focus on institutional customers and customized services
BitFuFu also said it will serve institutional customers and provide services through consultation with sales representatives. These services help large-scale miners manage their business within the Bitcoin mining network.
BitFuFu Pool is currently primarily a Bitcoin mining pool, but other digital assets are also on the roadmap. Therefore, this expansion will allow the crypto mining company to expand its product portfolio and enter into other cryptocurrencies. The company's strategic partners will be critical to this expansion.
As of today, the cryptocurrency mining company holds a total of 1,664 BTC, reflecting its disciplined approach to financial management. This strategy allows the company to accumulate Bitcoin through self-mining while generating cash flow by providing cloud mining services.
Similarly, just recently, Hut8 announced plans to raise $500 million through the sale of common stock under its ATM program. The proceeds will be used to buy more Bitcoin and increase its reserves. Additionally, the company announced a $250 million share repurchase program aimed at repurchasing 5% of its outstanding shares over the next 12 months.
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Ronnie Mugendi
Ronnie Mugendi is a veteran crypto journalist with 4 years of professional experience and has contributed significantly to various media outlets regarding cryptocurrency trends and technology. With over 4,000 articles published in various media outlets, we aim to inform, educate and introduce more people to the world of blockchain and DeFi. Outside of his journalism career, Ronnie enjoys the thrill of riding his bike and exploring new roads and landscapes.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
