Bitcoin, blockchain and digital tokens are having a moment, and President-elect Trump is a big part of the reason.
Ever since Trump won the U.S. presidential election, Bitcoin prices have soared. On the day of Trump’s victory, Bitcoin hit a new high of $75,358, and it hasn’t looked back, hitting $100,000 in December 2024 and recently hitting an intra-day high of $102,750. Bulls predict a continued rise in price after Trump takes office. The euphoria around Trump’s win lifted the overall crypto market as optimism grew that there would be a more favorable cryptocurrency policy with the new administration, with analysts at one Wall Street investment bank putting the odds of Trump creating a Bitcoin reserve in 2025 at 60%. These factors have led many market watchers to be optimistic about continued good times for crypto.
All of this has ushered in a new growth cycle for cryptocurrencies, one that BitFuFu (NASDAQ:FUFU), a global leader in Bitcoin mining and comprehensive mining services, is taking advantage of and preparing for with its 1GW Global Capacity Expansion Plan, which the company said will lead the platform and its users to a new era of efficient mining.
BitFuFu’s 1GW Global Capacity Expansion Plan is aimed at adding 1GW of capacity by the end of 2026. To meet that goal, the company has been busy acquiring mining farms, purchasing mining machines and improving the operating capacity of its existing mining farms.
In December, BitFuFu announced that it was evaluating approximately 700 MW of potential projects as it moves toward its 1GW capacity increase goal. As of December 31, 2024, the company had 551 MW of mining capacity and nearly 600,000 registered cloud mining users putting BitFuFu squarely in a global leadership position.
More recently, BitFuFu signed a deal with BITMAIN, the largest digital asset mining hardware manufacturer, to purchase up to 80,000 S-series miners and to rapidly expand mining infrastructure globally with a target of adding 1 GW in capacity by the end of 2026.
Trump’s Crypto Cheerleading
It makes sense that cryptocurrency is having a moment and that BitFuFu could be poised to benefit. In July 2024, Trump announced that he would list Bitcoin as a strategic reserve asset of the United States and since then, the cryptocurrency industry has generally experienced growth. BitFuFu’s stock price and market capitalization of BitFuFu have been on an overall upward trend in the half year following Trump’s announcement. In November, Wall Street firm H.C Wainwright initiated coverage of BitFuFu …
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