Bitdeer's Long-Term Lease Agreement
Bitcoin mining company Bitdeer, established by Chinese billionaire Jihan Wu in 2020, has secured a 30-year lease for land at the Monroe County Port Authority-owned Hannibal Industrial Park in Ohio.
Bitdeer's agreement with the Monroe County Port Authority allows the company to access up to 570 MW of extra power capacity at the Hannibal Industrial Park in Clarington, Ohio. The specific financial details of the deal have not been revealed, but Bitdeer has highlighted that the location was previously utilized as an aluminum processing facility. This site provides Bitdeer with advantageous existing power infrastructure, utility switchyards, and transmission capabilities capable of supporting large-scale loads, enhancing the company's Bitcoin mining and high-performance computing (HPC) operations for artificial intelligence (AI).
Initially, the lease enables Bitdeer to utilize 266 MW of power capacity, expected to be accessible starting no earlier than Q3 2025. The allocation of the remaining 304 MW is currently undergoing review for formal inclusion in the regional transmission planning process.
Bitdeer's chief business officer, Linghui Kong, emphasized that this location offers a considerable expansion of the company's power capacity, bolstering Bitdeer's growth strategies in Bitcoin mining and HPC and AI development. The collaboration with the Monroe County Port Authority aligns with Bitdeer's vision for expansion.
In response to this announcement, Bitdeer's shares (BTDR) surged by 3.37% in pre-market trading, reaching $10.11, as reported by Nasdaq.
This long-term lease agreement follows shortly after a significant investment from Tether, the largest stablecoin issuer by market capitalization, that agreed to acquire up to $150 million worth of shares in Bitdeer. The funds from this investment, as stated in a press release dated May 31, will be utilized by Bitdeer to finance its data center expansion, develop ASIC-based mining rigs, and support operational and corporate activities.
For more industry insights, Bitdeer's partnership with NVIDIA is another notable development to explore further.
