2 years ago
Bitmain-backed unreality mining level BitFuFu is preparing to spell nationalist successful the U.S. done a merger with special-purpose acquisition conveyance Arisz Acquisition Corp.
The combined institution is expected to beryllium renamed to BitFuFu Inc and volition beryllium listed connected the Nasdaq successful Q3 nether the ticker FUFU, according to a property merchandise shared with CoinDesk.
The transaction includes a $70 cardinal afloat committed investment, led by Bitmain and mining excavation steadfast Antpool, astatine $10 per share, the connection said. The merger volition bring successful implicit $129 cardinal successful nett currency proceeds for BitFuFu, according to the property release.
The merged steadfast volition person pro forma worth of $1.5 billion, 4.6 times the projected 2022 revenue, according to the release. Assuming that bitcoin prices spell implicit $45,000, BitFuFu expects 2022 gross to deed $330 million, up from $100 cardinal successful 2021, and its nett income earlier deductions to beryllium $100 million, according to the property release.
The unreality mining level offers users the quality to lease hardware and facilities from the firm. It expects to summation its hashrate to 10 exahash/second (EH/s) by the extremity of 2022, from 3 EH/s astatine the extremity of 2021. The bitcoin mining hashrate is simply a measurement of computing powerfulness connected the network.
The woody is expected to beryllium completed successful Q3, pending regulator and stockholder approval. Existing BitFuFu stockholders volition clasp onto their equity successful full, and BitFuFu's absorption volition stay astatine the company's helm, the merchandise added.
Separately, BitFuFu said successful its authoritative Telegram radical connected Jan. 21 that its servers had been relocated to the U.S. from Kazakhstan and its hashrate has been restored. The institution abandoned its cognition successful Kazakhstan due to the fact that it was faced with energy rationing.
BitFuFu was founded successful 2020 with concern from Bitmain, the world's biggest crypto mining rig manufacturer. It is Bitmain's exclusive unreality mining partner.
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Eliza Gkritsi is CoinDesk's crypto mining newsman based successful Asia.
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