Bitdeer, a Bitcoin mining company founded by Chinese billionaire Jihan Wu in 2020, secured a 30-year lease agreement for land within the Hannibal Industrial Park in Claring, Ohio. The site is owned by the Monroe County Port Authority and will provide Bit with access to up to 570 MW of additional power capacity.
While specific financial terms were not disclosed, Bitdeer revealed that the location was utilized as an aluminum processing facility. This site offers existing power infrastructure and utility switchyards suitable for efficiently supportingcale loads. It is anticipated that this new facility will significantly enhance Bitdeer’s Bitcoin processing capabilities and support high-performance computing (HPC) resources for artificial intelligence (AIInitially, 266 MW of power capacity is expected to become available no earlier than Q3 2025. The remaining 304 MW are under review for formal incorporation into the regional transmission planning process.
Linghui Kong,deer’s chief business officer, expressed enthusiasm about the collaboration with the Monroe County Port Authority stating that it “significantly expands” their existing power capacity while also supporting their growth ambitions in Bitcoin mining and HPC and AI.
Following this announcement, pre-market trading saw a significant increase in Bitdeer shares (BTDR), rising by 3.37% to reach $10.11 according to Nasdaq data.
This development comes on the heels of Tether – the largest stablecoin issuer by market capitalization – agreeing to purchase up to $150 million worth of shares in Bitdeer just one month. In a press release issued on May 31st, Bitdeer indicated that these proceeds would be allocated towards funding data center expansion efforts as well as ASIC-based mining development along with other general corporate purposes.
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