Bitmain-backed crypto mining firm BitFuFu has announced plans to expand into North America with the acquisition of a 51-MW Bitcoin mining facility in Oklahoma.

Bitcoin (BTC) mining firm BitFuFu has announced plans to buy a majority stake in a mining facility in Oklahoma in a bid to expand its North American operations. In a Jan. 16 press release, the firm said it had signed a letter of intent for the deal, which could close in the first half of 2025.

The facility, located in an unpopulated area, has 51 megawatts of power capacity. It runs air-cooled Bitcoin miners and gets electricity from the grid at just 3 cents per kilowatt-hour, the press release reads. BitFuFu’s chairman and chief executive Leo Lu called the move a “pivotal step” for the firm’s North American expansion and global power capacity plans, adding that the acquisition would help BitFuFu secure “long-term, low-cost, and reliable power.”

“This acquisition would represent a pivotal step in advancing our North American expansion strategy and 1GW global power capacity build-up plan.”

Leo Lu

The deal is still subject to final agreements, financial checks, and other conditions, and BitFuFu notes there’s no guarantee the transaction will go through. Following the announcement, BitFuFu’s stock rose 0.39% to $5.19 in pre-market trading, according to MarketWatch.

BitFuFu went public on Nasdaq under the ticker FUFU in March 2024. The firm’s latest earnings report indicates that its public listing procedures resulted in a 111% increase in general and administrative expenses, mainly due to a $1.2 million rise in legal and consulting fees.