Nasdaq-listed crypto mining firm BitFuFu Inc. announced on Thursday that it acquired a majority ownership stake in a 51-megawatt (MW) operational Bitcoin mining data center in Oklahoma.
The transaction, valued at $400,000 per MW, was funded using BitFuFu’s balance sheet cash and common stock.
This acquisition aligns with the company’s strategy to scale operations and enhance mining efficiency.
Crypto Mining Expansion and Operational Advantages
Operational since 2022, the Oklahoma-based facility leverages air-cooled container-based infrastructure to optimize efficiency and performance.
The facility maintains a historical uptime of over 95% and benefits from a competitive electricity rate of $0.03/kWh.
When using AntMiner S21 XP units, BitFuFu can mine one Bitcoin for approximately $18,000, excluding miner and facility depreciation costs.
Additionally, the site includes a fully integrated operations center, serving as a foundation for developing a repair hub that enhances mining efficiency.
Located within the Southwest Power Pool (SPP), a well-regulated energy market, the facility benefits from Oklahoma’s policies that support crypto mining operations.
Laws such as the Oklahoma Commercial Digital Asset Mining Act of 2022 and the Energy Discrimination Elimination Act provide tax incentives and regulatory support for Bitcoin mining in the state.
Scaling Crypto Mining Hashrate and Expanding Hosting Services
To bolster its mining operations, BitFuFu intends to install AntMiner S21 series or higher-efficiency miners at the newly acquired site, increasing its managed hashrate by over 3 exahashes per second (EH/s).
The site also has additional land available for future expansion, pending the completion of a transmission upgrade study by the utility company and SPP in mid-2025.
“We have made significant progress toward our 1GW Global Capacity Expansion Plan,” said Leo Lu, Chairman and CEO of BitFuFu. “This acquisition enhances our self-mining operations, strengthens hosting services, and expands our cloud mining platform. We’re excited to integrate this highly efficient facility into our network.”
In addition, BitFuFu has signed a framework agreement with BITMAIN to purchase up to 80,000 S-series miners, including models such as the S21 XP and S21 Pro, in Q4 2024.
This move is expected to enhance the efficiency of BitFuFu’s global hashrate network, reinforcing its commitment to delivering value for clients and shareholders.
With this acquisition, BitFuFu broadens its presence in the Bitcoin mining sector by tapping into cost-effective energy solutions and next-generation hardware.
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