BitFuFu Introduces Bitcoin Mining Pool and Expands Offerings: Details
BitFuFu, a player in the Bitcoin mining and cloud-mining services, has unveiled its private label mining pool, the BitFuFu Pool. The pool will also appeal to institutional and retail miners with a commission rate beginning at 0.4%.
BitFuFu has also said that it will allocate all its self-mining hashrate to the new pool to boost its mining capability as a part of its expansion plan. Furthermore, the company has stated that as of now it owns 1,664 Bitcoins.
BitFuFu Expands Offerings with New Bitcoin Mining Pool
According to a latest release, BitFuFu has launched BitFuFu Pool, a private-label Bitcoin mining pool that offers commission rates from 0.4%. This new offering will be offered beginning next week through the BitFuFu application. The offering will be available to those who make purchases of cloud-mining products and miners.
In addition, BitFuFu has decided to direct its entire self-mining hashrate to the new pool. This means that all of the computing power dedicated to Bitcoin mining will now be channeled into BitFuFu Pool. This shift will boost the pool’s capacity and attract more miners looking for an efficient and cost-effective way to mine.
More so, the company is also focusing on offering an array of services to both institutional and retail clients. These include real-time monitoring tools, firmware solutions, maintenance services, and a user-friendly platform for easy mining operations.
The strategic development comes amid rising Bitcoin price and growing demand for more efficient mining services. However, after crossing the $100,000 mark, BTC price experienced a sharp decline, dropping to $97,640 in a sudden flash crash. This drop resulted in over $649 million in total liquidations across the crypto market and Bitcoin had $216.95 million in losses.
Focus on Institutional Clients and Customized Services
BitFuFu also mentioned that it will serve the institutional clients and provide them service by the means of consultation with the sales representatives. These services will assist the large scale miners to manage there business in the Bitcoin mining network.
The BitFuFu Pool is currently primarily a Bitcoin mining pool, however, other digital assets are also on the roadmap. This expansion will thus enable the crypto mining company to expand its product portfolio and venture into other cryptocurrencies. The company’s strategic partners are going to be of great importance in this expansion.
As of today, the crypto mining company holds a total of 1,664 BTC, reflecting its disciplined approach to treasury management. This strategy allows the company to accumulate Bitcoin through self-mining while also generating cash flow by providing cloud-mining services.
Similarly, most recently, Hut 8 announced plans to raise $500 million through the sale of common stock under an ATM program. The proceeds will be used to purchase more Bitcoin, enhancing its reserves. Additionally, the company revealed a $250 million stock repurchase program, aiming to buy back 5% of its outstanding shares over the next 12 months.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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