BitFuFu Plans to Acquire Majority Stake in 51MW Oklahoma Bitcoin Mine

BitFuFu is planning to acquire a majority stake in a 51-megawatt (MW) Bitcoin mining facility in Oklahoma.

In a release issued Thursday, the company stated that it has signed a letter of intent for the acquisition and expects the transaction to be finalized in the first half of 2025.

The facility, located in an unpopulated area, is fully constructed and operational. The 51 MW capacity could support approximately 2.9 EH/s of hashrate output using Bitmain’s Antminer S21 Pro equipment.

According to the company, the site benefits from a reliable power supply sourced from the grid at an average cost of $0.03 per kilowatt-hour (kWh), a rate that, if accurate, is competitive in the industry.

However, the proposed acquisition remains subject to several conditions, including the negotiation of a definitive agreement, completion of financial and legal due diligence, and other customary closing requirements. BitFuFu noted that there is no assurance the transaction will proceed as planned.

The Oklahoma expansion follows BitFuFu’s recent move into Ethiopia, where it acquired a majority stake in an 80-megawatt Bitcoin mining facility with an energy cost of $0.04 per kWh.

These acquisitions come as BitFuFu contends with rising Bitcoin production costs driven by high energy prices, a challenge tied to the company’s asset-light mining model.

Throughout 2024, BitFuFu’s direct production costs remained among the highest compared to its publicly traded mining peers.