Crypto mining company BitFuFu, supported by Bitmain, has unveiled its intentions to broaden its horizons into North America through the purchase of a 51-megawatt Bitcoin mining plant in Oklahoma.
Cryptocurrency mining company BitFuFu has declared intentions to acquire a significant portion of a mining plant in Oklahoma as part of an expansion strategy for its North American operations. According to a statement issued on January 16th, the firm has entered into a letter of intent for this transaction, which is expected to be finalized during the first half of 2025.
The power plant, situated in a sparsely populated region, boasts a 51 megawatt energy output. It operates cooling systems for Bitcoin mining machines and procures electricity from the grid at an affordable rate of 3 cents per hour per kilowatt, as stated in the press release. BitFuFu’s chairman and CEO, Leo Lu, deemed this action a “significant advance” for the company’s North American growth and worldwide power strategies. He explained that the acquisition would aid BitFuFu in securing “long-term, cost-effective, and dependable energy.
This purchase is a crucial move towards strengthening our growth in North America and increasing our worldwide renewable energy generation capacity to 1 Gigawatt.
Leo Lu
1) The agreement is contingent upon final negotiations, financial verifications, and other stipulations, and BitFuFu cautions that the transaction may not ultimately be completed. After the announcement, BitFuFu’s stock increased by 0.39% to $5.19 during pre-market trading, as reported by MarketWatch.
In March 2024, BitFuFu made its debut on the Nasdaq stock exchange, trading under the symbol FUFU. However, their latest financial report suggests that the process of going public led to an elevated 111% increase in overall operational costs, particularly due to a significant jump of approximately $1.2 million in legal and consulting fees.
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2025-01-17 11:30