A letter of intent to purchase a majority interest in a 51-megawatt (MW) bitcoin mining facility in the State of Oklahoma, USA, was signed Thursday by BitFuFu Inc., a Singapore-based bitcoin mining company.
According to a statement from BitFuFu, the facility has finished building its mining and power infrastructure and is ideally situated in an unpopulated area.
It has a competitive average cost of about 3 cents per kilowatt-hour and a dependable 51 MW power supply from the grid.
The facility, which runs air-cooled Bitcoin miners, has continuously produced high hash rate efficiency results.
“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.
If completed, the deal is anticipated to close in the first half of 2025 and is set up as a majority equity acquisition.
Subject to additional financial and legal due diligence, as well as other customary closing conditions, the proposed transaction is contingent upon a final agreement that will be negotiated between the parties.
That a transaction will be completed is not guaranteed.
One-stop solutions, including cloud mining, are offered to clients by BitFuFu, a global company specializing in bitcoin mining and full mining services.
The company was initially funded by BITMAIN, a multinational manufacturer of hardware for digital asset mining, and it is still BITMAIN’s strategic partner in the bitcoin mining and mining services industry.
By offering a range of reliable and intelligent digital asset mining solutions to a global clientele, BitFuFu seeks to promote a safe, legal, and transparent blockchain infrastructure.
BitFuFu makes it possible for institutional clients and enthusiasts of digital assets to mine digital assets effectively by utilizing its growing global mining facility network and strategic alliance with BITMAIN.
