Bitdeer, a bitcoin mining firm founded in 2020 by Chinese billionaire Jihan Wu, has made a strategic move by entering into a 30-year leasing deal with the Monroe County Port Authority.
This deal secures up to 570 MW of extra power capacity at the Hannibal Industrial Park in Clarington, Ohio, a location carefully chosen to support Bitdeer’s growth ambitions in Bitcoin mining, HPC, and AI.
In a recent press release on June 28, Linghui Kong, chief business officer of Bitdeer, stated “We are excited about the prospects this expansion brings to Bitdeer and our stakeholders. 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.”
Although Bitdeer did not reveal the financial details, the location was formerly used as an aluminium processing facility. Existing power infrastructure, utility switchyards, and transmission capable of supporting hyperscale loads will benefit Bitdeer. The location will improve the company’s high-performance computing (HPC) for artificial intelligence (AI) and Bitcoin mining processing.
With 266 MW of the 570 MW of total power capacity expected to be operational by Q3 2025, and the remaining 304 MW still ‘under review to be formally incorporated into the regional transmission planning process,’ Bitdeer’s future growth potential is promising.
According to data from Nasdaq, Bitdeer’s shares (BTDR) surged to $10.11 in pre-market trade, up 3.37% after the news.
In May 2024, Bitdeer entered into an agreement with Tether, which acquired over 18,587,360 Class A ordinary shares of Bitdeer and received a warrant to purchase up to 5,000,000 additional shares within a year. This deal provided Bitdeer with $100 million in gross profits, with the potential for an additional $50 million if the extra shares are purchased. Bitdeer plans to use these funds for operating capital, ASIC-based mining rig development, data centre expansion, and other business operations.
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