Bitcoin mining company BitFuFu has revealed its intention to acquire a majority stake in a mining facility in Oklahoma.
In a press release dated January 16, the company announced it had signed a letter of intent for the acquisition, which is expected to be finalized by mid-2025.
The facility, situated in a remote area, boasts a 51-megawatt power capacity. It operates with air-cooled Bitcoin miners and sources electricity from the grid at a rate of just 3 cents per kilowatt-hour, according to the press release.
BitFuFu’s chairman and CEO, Leo Lu, described the acquisition as a “pivotal step” in the company’s expansion across North America and its global power capacity strategy. He emphasized that the move would enable BitFuFu to secure “long-term, low-cost, and reliable power.”
“This acquisition would represent a pivotal step in advancing our North American expansion strategy and 1GW global power capacity build-up plan,”
Lu noted.
The deal is still pending final agreements, financial assessments, and other conditions, with BitFuFu noting that there is no guarantee the transaction will be completed. After the announcement, the stock of the Singapre-based miner increased by 0.39%, reaching $5.19 in pre-market trading, as reported by MarketWatch.
In December 2024, BitFuFu reported a 32% increase in self-mining production, producing 111 Bitcoins (BTC) compared to November 2024. By December 31, 2024, it held a total of 1,720 BTC. The cloud mining platform surpassed 590,000 registered users, while a two-year framework purchase agreement with BITMAIN was signed for up to 80,000 BITMAIN S-series miners.
Meanwhile, BitFuFu introduced BitFuFuOS, a software service designed to increase mining earnings by up to 20%. The platform integrated miners, hosting, mining pools, and software services, providing a seamless one-stop mining experience. BitFuFuOS offered advanced customization with overclocking and underclocking modes, allowing miners to optimize operations based on temperature, power availability, and market conditions.
Compatible with 10 major mining rigs, including Antminer S21, T21, and S19 XP, it was supported by a professional team to assist users promptly. BitFuFuOS is targeted at enhancing mining performance, maximising efficiency, and increasing profitability, making it ideal for both novice and experienced miners.
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