Company: FUFU
Filing Date: 2025-04-21
Form Type: 20-F
Source: 0001213900-25-033733
Chunk: 105

Company: Bitfufu Inc.
Filing Date: 2025-04-21
Form: 20-F
Item: Item 4
Chunk 105
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, 2023 and 2024, respectively.

Pursuant to the Service Framework
Agreement with Bitmain dated as of December 20, 2021, as amended, we can obtain 300 MW hosting capacity under the hosting service
cooperation arrangements with Bitmain, which will source available hosting facilities and is responsible for storing miners, providing
on-site IT consulting, maintenance and repair, power supply, cooling and other services. Bitmain typically has access to large-scale computing
infrastructures that provide digital asset mining colocation services and handle the management of our mining equipment. We generally
make payment under the Service Framework Agreement and the related service orders on a monthly basis, based on the number of miners under
management and the amount of electricity consumed. The hosting service fee rate between us and Bitmain under the Service Framework Agreement
is based on electricity cost actually consumed by miners under management at the respective hosting facilities, plus a fixed fee, which
may be amended by mutual consent by us and Bitmain. In addition, we may incur additional electricity costs based on specific orders under
the Service Framework Agreement, which may include periodic price adjustment mechanism with reference to local electricity price index.
The Service Framework Agreement has a term of ten years, and may be extended by mutual written agreement by Bitmain and us. The Service
Framework Agreement may be terminated by mutual agreement between the parties, or by either party upon the material breach of the agreement,
bankruptcy, dissolution, or revocation of business license of the counterparty. If we unilaterally terminate the Service Framework Agreement
or any service order thereunder, we shall be liable for ten-day’s hosting fees. The Service Framework Agreement is governed by the
laws of Hong Kong.

The foregoing description
of the Service Framework Agreement with Bitmain does not purport to be complete and is qualified in its entirety by the terms and conditions
of the actual agreement, which is filed as Exhibit 10.4 hereto and incorporated by reference herein.

Hash computer server cooperation agreement
with Burdy

Costs attributable to our
supplier, Burdy Technology Limited (“ Burdy”), represented 32%, 13% and 14% of our total cost of revenue in 2022, 2023 and
2024, respectively. Burdy is a miner and mining service provider with broad miner access in the United States.

According to the hash computer
server cooperation agreement between us and Burdy dated June 15, 2021, as amended on October 30,