BitFuFu Acquires 51MW Operational Data Center in Oklahoma, Expanding U.S. Mining Footprint
* Majority stake acquisition strengthens BitFuFu’s operational scale and efficiency with low-cost power and enhanced hosting capacity
* Net electricity cost at this facility is very competitive at about $0.03 per kWh
* With the deployment of AntMiner S21 series miners, the average cash cost to mine one Bitcoin at this site is as low as $18,000, excluding depreciation
BitFuFu Inc. (“BitFuFu” or the “Company”) (NASDAQ: FUFU), a global leader in Bitcoin mining and comprehensive mining services, today announced that it has signed a definitive agreement and acquired a majority ownership in a 51-megawatt (MW) operational Bitcoin mining data center in Oklahoma. The transaction, priced at $400,000 per MW, is funded with cash from BitFuFu’s balance sheet and common stock.
Strategic Benefits of the Acquisition
Located in Oklahoma, the acquired data center has been operational since 2022, utilizing air-cooled container-based infrastructure. The facility boasts a track record of over 95% uptime and operates with a highly competitive net electricity cost of approximately $0.03/kWh. This will enable BitFuFu to mine one Bitcoin at a cash cost as low as $18,000 at this site, assuming the deployment of AntMiner S21 XP, excluding depreciation of miners and facilities.
In addition to its high-performance mining capabilities, the site includes a fully integrated operations center which lays a good foundation to build a state-of-the-art repair center to enhance mining business and operational efficiency.
The facility benefits from cost-effective energy delivery and operates within the Southwest Power Pool (SPP) - a highly stable and regulated energy market. Oklahoma’s crypto-friendly regulatory environment further strengthens the site’s long-term advantages, with legislation such as the Oklahoma Commercial Digital Asset Mining Act of 2022 and the Energy Discrimination Elimination Act providing tax incentives for mining operations.
Scaling Hashrate & Hosting Services
BitFuFu plans to deploy AntMiner S21 series or higher efficiency version of miners at this site, which will increase its total managed hashrate scale by over 3EH/s. The site has sufficient land for further expansion, pending the completion of a transmission upgradation study by the utility company and SPP in mid-2025.
“We have made significant progress toward our 1GW Global Capacity Expansion Plan,” said Leo Lu, Chairman and CEO of BitFuFu. “This acquired data center in Oklahoma has built a highly efficient mining operation, and we are excited to welcome them into the BitFuFu family. It allows us to expand our self-mining operations, enhance hosting services, and strengthen our cloud mining platform.”
“Moreover, we executed a framework agreement to purchase from BITMAIN up to 80,000 S-series miners (including but not limited to the S21 XP and S21 Pro) in the fourth quarter of 2024, which will greatly support our strategic 1GW Global Capacity Expansion Plan and constantly improves the efficiency of our global hashrate network under management. We aim to continuously create value for our clients and shareholders-that philosophy drives our commitment to operational excellence and continued expansion.”
