Bitdeer Boosts Bitcoin Mining Power with New 570 MW Agreement in Ohio

Bitdeer, led by Jihan Wu, has secured a 30-year lease for 570 MW of power at Ohio's Hannibal Industrial Park, aiming to expand its Bitcoin mining, HPC, and AI capacities. The strategic location, with existing infrastructure, will boost Bitdeer's operations. The deal, terms undisclosed, is expected to increase Bitdeer's power capacity, with 266 MW operational by Q3 2025 and the remainder pending approval. Bitdeer's shares rose 3.37% post-announcement.

Bitdeer, the global blockchain and high-performance computing (HPC) technology company led by Chinese billionaire Jihan Wu, has secured a significant expansion of its power capacity through a 30-year lease agreement with the Monroe County Port Authority (MCPA) in Ohio [1]. This strategic partnership is expected to bolster Bitdeer's Bitcoin mining, HPC, and AI operations.

The Hannibal Industrial Park in Clarington, Ohio, will provide Bitdeer with up to 570 MW of additional power capacity, making it an attractive location for the company's growth ambitions [1][2]. The site previously served as an aluminum processing facility, and Bitdeer will benefit from existing power infrastructure, utility switchyards, and transmission capable of supporting hyperscale loads [1].

As part of the agreement, the initial 266 MW of power capacity is expected to be operational by Q3 2025 [1]. The remaining 304 MW is still under review to be formally incorporated into the regional transmission planning process [1]. Bitdeer's expansion in Ohio aligns with its commitment to reducing environmental impact by utilizing renewable energy sources and optimizing energy efficiency [2].

The strategic location and partnership with the MCPA have positively impacted Bitdeer's shares, with BTDR gaining 3.37% in pre-market trading following the announcement [1]. This expansion comes after Bitdeer received a significant investment from Tether, the largest stablecoin issuer by market capitalization, further demonstrating the company's growth prospects [1].

Sources:

[1] Cryptonews.net. (2023, June 28). Bitdeer Secures 30-Year Lease for 570 MW of Power at Ohio's Hannibal Industrial Park. Retrieved July 12, 2023, from https://cryptonews.net/news/mining/29329385/
[2] Quantis Now. (2023, June 28). Bitdeer Announces Strategic Partnership with Monroe County Port Authority in Ohio to Expand Power Capacity. Retrieved July 12, 2023, from https://quantisnow.com/insight/bitdeer-announces-strategic-partnership-with-monroe-county-port-authority-in-ohio-to-expand-power-5582661