Bitdeer Shares Rise After Unveiling 570MW Expansion in Ohio
Bitcoin mining company Bitdeer announced a 570-megawatt strategic partnership with the Monroe County Port Authority in Ohio to increase its power capacity, the company said in a statement June 28. CryptoSlate.
Under the agreement, Bitdeer will lease 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 shares rose 5% on the news, and are trading at $10.26 at the time of writing.
Mining growth
The company said the partnership will add 570 MW to its capacity pipeline, bringing its total global capacity to 2.5 GW. This increase will enhance the company’s capabilities in Bitcoin mining, high-performance computing (HPC), and artificial intelligence (AI).
The 570MW capacity is scheduled to be delivered in two phases starting next year. The first phase, supplying 266MW, is expected in the third quarter of 2025, while the remaining 304MW is under review for regional transmission planning.
Bitdeer’s Chief Business Officer Linghui Kong expressed enthusiasm for expansion. Kong said:
“Hannibal Industrial Park’s strategic location, combined with ready-to-use infrastructure, will allow us to significantly expand our existing power capacity and support our growth ambitions in Bitcoin mining and HPC and AI.”
This move comes in particular after Bitdeer recently closed a $150 million private placement with Tether, which included $100 million, with the potential for an additional $50 million if warrants are fully exercised.
This move by Bitdeer comes as miners continue to capitulate due to falling Bitcoin prices, declining hashrate, and poor hash rates.
This has led some miners to step up their efforts to diversify their revenue streams by engaging in a variety of activities, including providing infrastructure to artificial intelligence companies and mining altcoins like Kaspa. Additionally, the challenging environment has led some miners to acquire competitors.
