BitFuFu Inc., a Singapore-based bitcoin mining firm, announced Thursday that it has signed a letter of intent to acquire a majority stake in a 51-megawatt (MW) bitcoin mining facility in the State of Oklahoma, United States.

BitFuFu said in a statement that strategically located in an unpopulated area, the facility has completed construction of its power and mining infrastructure.

It boasts a reliable power supply of 51 MW from the grid at a competitive average cost of approximately 3 cents per kilowatt-hour.

Operating air-cooled Bitcoin miners, the facility has consistently delivered high levels of hash rate efficiency.

“This acquisition would represent a pivotal step in advancing our North American expansion strategy and 1GW global power capacity build-up plan,

“By securing access to long-term, low-cost, and reliable power, we are not only enhancing our operational efficiency but also reinforcing our position as a leader in bitcoin mining,” said Leo Lu, Chairman and Chief Executive Officer of BitFuFu.

“Our ability to identify and capitalize on strategic opportunities is a testament to the scale of our global hash rate network and the insights into mining operations,

“This transaction underscores our unwavering commitment to delivering sustainable, long-term value to our shareholders while fostering strategic partnerships within the industry,” he added.

The transaction, expected to close in the first half of 2025 if consummated, is structured as a majority equity acquisition.

The proposed transaction is subject to a definitive agreement to be negotiated between the parties, conditioned upon further financial and legal due diligence, as well as other customary closing conditions.

There is no assurance that any transaction will be concluded.

BitFuFu is a global firm in bitcoin mining and comprehensive mining services, providing customers with one-stop solutions including cloud-mining.

The firm received early investment from BITMAIN, a global digital asset mining hardware manufacturer, and remains BITMAIN’s strategic partner in the bitcoin mining and
mining services space.

BitFuFu aims to fostering a secure, compliant, and transparent blockchain infrastructure, providing a variety of stable and intelligent digital asset mining solutions to a global customer base.

Leveraging its expanding global mining facility network and strategic partnership with BITMAIN, BitFuFu enables institutional customers and digital asset enthusiasts to mine digital assets efficiently.

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