Bitmain-backed crypto mining agency BitFuFu has introduced plans to develop into North America with the acquisition of a 51-MW Bitcoin mining facility in Oklahoma.
Bitcoin (BTC) mining agency BitFuFu has introduced plans to purchase a majority stake in a mining facility in Oklahoma in a bid to develop its North American operations. In a Jan. 16 press launch, the agency stated it had signed a letter of intent for the deal, which might shut within the first half of 2025.
The ability, situated in an unpopulated space, has 51 megawatts of energy capability. It runs air-cooled Bitcoin miners and will get electrical energy from the grid at simply 3 cents per kilowatt-hour, the press launch reads. BitFuFu’s chairman and chief govt Leo Lu referred to as the transfer a “pivotal step” for the agency’s North American enlargement and world energy capability plans, including that the acquisition would assist BitFuFu safe “long-term, low-cost, and dependable energy.”
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“This acquisition would characterize a pivotal step in advancing our North American enlargement technique and 1GW world energy capability build-up plan.”
Leo Lu
The deal continues to be topic to last agreements, monetary checks, and different situations, and BitFuFu notes there’s no assure the transaction will undergo. Following the announcement, BitFuFu’s inventory rose 0.39% to $5.19 in pre-market buying and selling, in keeping with MarketWatch.
BitFuFu went public on Nasdaq beneath the ticker FUFU in March 2024. The agency’s newest earnings report signifies that its public itemizing procedures resulted in a 111% improve generally and administrative bills, primarily attributable to a $1.2 million rise in authorized and consulting charges.
Learn extra: Bitmain-backed cloud mining firm BitFuFu’s income up 150% in Q1
