Crypto mining firm BitFuFu has officially acquired a 51MW operational Bitcoin mining data center in Oklahoma. The company, listed on NASDAQ, confirmed the acquisition through a definitive agreement, securing majority ownership of the facility.
Deal Valued at $20.4 Million
The acquisition was priced at $400,000 per megawatt, bringing the total transaction value to $20.4 million. BitFuFu funded the deal using cash reserves from its balance sheet along with common stock.
Data Center Highlights: Efficient and Expandable
The Oklahoma data center has been operational since 2022, featuring an air-cooled container-based infrastructure. It includes an operations hub that can double as a hardware repair center, enhancing operational efficiency.
The site also offers room for further expansion. However, future growth depends on the completion of a transmission upgrade study by the utility company and the Southwest Power Pool, expected by mid-2025.
Strengthening BitFuFu’s 1GW Expansion Strategy
Leo Lu, Chairman and CEO of BitFuFu, emphasized how this acquisition aligns with their global growth strategy. “This acquisition strengthens our self-mining operations, hosting services, and cloud mining platform,” Lu stated.
BitFuFu aims to achieve 1GW of global mining capacity by 2026, transitioning from an asset-light strategy to owning a robust portfolio of Bitcoin mining infrastructure.
Recent Expansions and Strategic Moves
This acquisition follows BitFuFu’s other major expansions:
- December 2024: Signed 10-year exclusive leases for two U.S. Bitcoin mining facilities with a combined 33MW capacity, with an option to acquire a majority stake.
- October 2024: Acquired a 51.25% stake in an 80MW Bitcoin mining facility in Ethiopia.
Currently, BitFuFu claims to operate 556MW of hosting capacity across 17 locations worldwide, including nine in the U.S., one in Ethiopia, and one in Paraguay.
Future Outlook: Expanding Global Mining Footprint
BitFuFu’s transition toward infrastructure ownership reflects its commitment to long-term growth. The Oklahoma acquisition not only boosts their self-mining capacity but also enhances hosting services for clients and strengthens their cloud mining platform.
Key Acquisition Details
| Aspect | Details |
|---|---|
| Location | Oklahoma, USA |
| Capacity | 51MW |
| Acquisition Cost | $400,000 per MW ($20.4 million total) |
| Funding Source | Cash reserves and common stock |
| Operational Since | 2022 |
| Expansion Potential | Pending utility upgrade by mid-2025 |
Why did BitFuFu acquire the Oklahoma data center?
BitFuFu acquired the facility to expand its self-mining operations, enhance hosting services, and strengthen its cloud mining platform.
How much did BitFuFu pay for the data center?
The company paid $400,000 per megawatt, totaling $20.4 million.
Can the Oklahoma site be expanded?
Yes, expansion is possible, but it depends on the completion of a transmission upgrade study expected by mid-2025.
What is BitFuFu’s global expansion goal?
BitFuFu aims to achieve 1GW of Bitcoin mining capacity by 2026.
Who owns BitFuFu?
BitFuFu went public in February 2024 via a SPAC merger with Arisz Acquisition Corp. Bitmain, a leading cryptomining hardware manufacturer, has also invested in the company.
