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BitFuFu News: Electricity fees, 270 days contracts

Updated: Jul 2

As you may have noticed, today, on May 6, BitFuFu contracts for mining class 40 J/T reappeared, and 270-day contracts were removed from the listing. Now let's figure out what's what.


270-days Mining Plans

I don’t think anyone will be upset, but 270-day contracts will not appear on the service anytime soon. The fact is that they were removed from the listing due to the fact that they simply were not in demand among customers.


Lucky Su, service administrator wrote:

Lucky Su, [06.05.21] Few Users bought 270days plan, so which is deleted from platform
270-days contracts are absent
270-days contracts are absent

Users did not buy contracts for 3/4 years, preferring 360-day or 180-day contracts.


Electricity Fees for 40 J/T contracts

Today, May 6, BitFuFu has contracts for mining class 40 J/T. However, the electricity fee for the purchase of new contracts has been increased from 0.0542 to 0.0616.

Electricity Fee is up to 0.0616 USD/THs/day
Electricity Fee is up to 0.0616 USD/THs/day

Why did it happen? Lucky Su answers:

Lucky Su, [06.05.21] Electricity fee increased because bitmain thought our Electricity fee is lower than market price

In principle, this does not change anything - if BitFuFu and Bitmain raise the price for electricity, then most likely, over a period of time, we will see a decrease in the value of the contract itself. No one will sell a notoriously unprofitable contract for users, because this is at odds with BitFuFu's mission: every user must earn.


What will happen to 30 and 50 J/T contracts?

Lucky Su answers:

Lucky Su, [06.05.21] Electricity prices for 30 and 50 JT contracts also be raised

This is logical enough, but it will take several days.


What will happen to contracts that were purchased by users prior to the electricity fee change?

If you bought a contact with a low price for electricity earlier, then the price change will not affect your contract now. This means that throughout the duration of your contract, electricity will be charged as before.

Lucky Su, [06.05.21] Contracts that were purchased before will keep their parameters

Conclusion

In general, changes occur in any business. Despite the fact that some details are changing, in general, BitFuFu will remain in the "Low Risk - Low stable Benefit" mining segment.

The price for contracts by the end of May, I am sure, will be profitable, because BitFuFu will adjust to the demand of platform users.


Remember that only fraudulent projects offer you high returns. There is no place for charity in real mining.

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