Low-Cost Energy Meets High Hashrates: Bitfufu Eyes Major Oklahoma Mining Stake

Bitfufu has entered into a letter of intent to acquire a controlling interest in a 51-megawatt (MW) bitcoin mining facility based in Oklahoma.

Bitfufu’s Strategic $0.03 per kWh Power Play

As outlined in Bitfufu‘s announcement, the facility, located in an unpopulated region, is equipped with fully operational power and mining infrastructure. Electricity is procured from the grid at an average rate of approximately $0.03 per kilowatt-hour (kWh). Bitfufu states that the site employs air-cooled bitcoin mining hardware, ensuring stable performance and consistently high hashrates.

The acquisition, structured as a majority equity purchase, remains contingent upon the execution of a definitive agreement. Finalization of the deal is subject to various prerequisites, including financial and legal due diligence, as well as other standard conditions. The transaction is projected to close within the first half of 2025, though its completion is not assured.

Leo Lu, chairman and CEO of Bitfufu, characterized the acquisition as a pivotal move in the company’s strategic expansion across North America and its broader ambition to achieve a global power capacity of 1 gigawatt (GW). “This acquisition would represent a pivotal step in advancing our North American expansion strategy and 1GW global power capacity build-up plan,” Lu stated.

Bitfufu, an international provider of bitcoin mining and related services, is actively working to expand its operational scale and network through alliances and acquisitions. The company maintains a strategic partnership with Bitmain, a prominent manufacturer of digital asset mining hardware, and benefits from Bitmain’s early investment in its growth.

Bitfufu’s pursuit of a majority stake in the Oklahoma facility signals an intensifying focus on scaling operations while leveraging cost-efficient energy sources. As competition in the bitcoin mining industry grows, securing reliable power at minimal rates could become a decisive factor in long-term profitability. This move highlights how infrastructure investments are shaping strategic expansion efforts within the evolving dynamics of bitcoin mining.