Bitmain-backed cryptocurrency mining company BitFuFu has announced plans to expand into North America with the acquisition of a 51-megawatt Bitcoin mining facility in Oklahoma.

Bitcoin (Bitcoin) Mining company BitFuFu has announced plans to buy a majority stake in an Oklahoma mining facility in an effort to expand its operations in North America. On January 16th press releaseThe company said it has signed a letter of intent for the deal, which could close in the first half of 2025.

The facility, located in an unpopulated area, has a capacity of 51 megawatts of power. It operates air-cooled bitcoin miners and gets its electricity from the grid at just 3 cents per kilowatt-hour, the press release said. BitFuFu Chairman and CEO Liu Lu described the move as a "pivotal step" for the company's North American expansion and global energy capacity plans, adding that the acquisition will help BitFuFu secure "reliable, long-term, low-cost energy."

“This acquisition will represent a pivotal step in developing our North American expansion strategy and plan to build 1 GW global power capacity.”

Liu Lu

The deal is still subject to final agreements, financial checks and other conditions, and BitFuFu notes that there is no guarantee the deal will go through. Following the announcement, BitFuFu stock rose 0.39% to $5.19 in pre-market trading, according to MarketWatch.

BitFuFu It became public On the Nasdaq under the symbol FUFU in March 2024. The company's most recent earnings report notes that the public listing proceedings resulted in a 111% increase in general and administrative expenses, primarily due to a $1.2 million increase in legal and consulting fees.