Bitdeer to Expand Mining Capacity to 2.5 GW

Mining company Bitdeer is in the process of securing access to an additional 570 MW of power, which will increase the firm’s total capacity to 2.5 GW.

We are pleased to announce that Bitdeer has forged a strategic partnership with the Monroe County Port Authority (MCPA) in Ohio, securing an additional power capacity of up to 570 MW, significantly expanding our global available capacity to 2.5 GWs.

Bitdeer has leased land for… pic.twitter.com/p10clyA2Or

— Bitdeer (@BitdeerOfficial) June 28, 2024

Bitdeer has leased the Hannibal Industrial Park for 30 years from the Monroe County Port Authority in Clarington, Ohio, USA. The site was previously used for aluminum processing.

The company noted that the facility utilizes energy infrastructure, distribution devices, and network capacities that support “hyperscale loads.”

Bitdeer is expected to gain access to 266 MW of the total capacity under the agreement in the third quarter of 2025. The remaining 304 MW are still under review and are to be officially included in the regional power distribution plan.

“The strategic location of the Hannibal Industrial Park, combined with its ready-to-use infrastructure, significantly expands our existing capacity and supports our growth ambitions in bitcoin mining, high-performance computing, and artificial intelligence,” said Bitdeer’s Chief Business Development Officer, Linhui Kun.

The company operates data centers in the USA, Norway, and Bhutan.

Matthew Sigel, Head of Digital Asset Research at VanEck, noted that the deal demonstrates the ongoing “pivot” of miners towards AI.

#bitcoin miners: AI pivot continues —>
Bitdeer Technologies Group ($BTDR, +5%) announced that it has entered into a 570 MW strategic partnership with Monroe County Port Authority in Ohio, expanding the company’s power capacity pipeline to 2.5 GW (!!).

— matthew sigel, recovering CFA (@matthew_sigel) June 28, 2024

In April, CoinShares experts, following the halving event, suggested that cryptocurrency miners would compensate for reduced income by expanding into the AI sector. 

The largest deal in this direction was a hosting agreement between Core Scientific and CoreWeave to provide infrastructure with a capacity of 200 MW for hosting Nvidia graphics processors. The mining company plans to earn up to $3.5 billion over the 12-year contract term.

Back in May, Tether invested $100 million in Bitdeer as equity capital. The USDT stablecoin issuer may increase its investment in the bitcoin miner by an additional $50 million.