Bitdeer’s stock climbs after revealing 570 MW expansion in Ohio Bitdeer’s stock climbs after revealing 570 MW expansion in Ohio
Bitdeer said it secured a 30-year lease in Ohio to expand its mining capacity.
1 min read
Updated: Jun. 28, 2024 at 8:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin miner Bitdeer has announced a 570 MW strategic partnership with the Monroe County Port Authority in Ohio to boost its power capacity, according to a June 28 statement shared with CryptoSlate.
Under this arrangement, Bitdeer will lease the land in the county’s Hannibal Industrial Park in Clarington for 30 years. The site is a former aluminum processing facility with power infrastructure to support large loads.
The miner’s stock rose 5% on the news and was trading at $10.26 as of press time.
Mining growth
The firm stated that the partnership will add 570 MW to its capacity pipeline, raising its global total to 2.5 GWs. This increase will enhance the company’s capacity for Bitcoin mining, High-Performance Computing (HPC), and Artificial Intelligence (AI).
The 570 MW capacity will be delivered in two phases, starting next year. The first phase, delivering 266 MW, is expected in the third quarter of 2025, while the remaining 304 MW is under review for regional transmission planning.
Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm for the expansion. Kong said:
“The strategic location of the Hannibal Industrial Park, combined with its ready-to-use infrastructure, significantly expands our existing power capacity and supports our growth ambitions in Bitcoin mining and HPC and AI.”
Notably, the move follows Bitdeer’s recent closure of a $150 million private placement financing with Tether. The transaction included $100 million with a possibility of an additional $50 million if the warrant is fully exercised.
Bitdeer’s move comes amid the ongoing miner capitulation, driven by a falling Bitcoin price, declining hash rate, and a meager hash price.
Due to this, several miners have stepped up efforts to diversify their revenue streams by engaging in different activities, including providing infrastructures for artificial intelligence firms and also mining altcoins like Kaspa. Additionally, the challenging environment has led to some miners acquiring rivals.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitdeer
Bitdeer is a provider of digital mining services for popular PoW cryptocurrencies.