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Bitdeer has secured a 30-year lease for land at the Monroe County Port Authority-owned Hannibal Industrial Park in Ohio.
Bitcoin mining company Bitdeer, founded by Chinese billionaire Jihan Wu in 2020, has entered into a 30-year lease agreement with the Monroe County Port Authority to secure up to 570 MW of additional power capacity at the Hannibal Industrial Park in Clarington, Ohio.
Financial terms weren’t disclosed, but Bitdeer noted that the site previously served as an “aluminum processing facility.” Bitdeer will benefit from existing “power infrastructure, utility switchyards and transmission capable of supporting hyperscale loads.” The site is expected to boost the firm’s Bitcoin mining processing and high-performance computing (HPC) for artificial intelligence (AI)
Of the total 570 MW of power capacity, the initial 266 MW is expected to be available no earlier than Q3 2025, while the remaining 304 MW is still “under review to be formally incorporated into the regional transmission planning process.”
Bitdeer’s chief business officer Linghui Kong says the location “significantly expands our existing power capacity” adding that the partnership with the Monroe County Port Authority “supports our growth ambitions in Bitcoin mining and HPC and AI.”
Following the news, Bitdeer’s shares (BTDR) gained 3.37% in pre-market trading, soaring to $10.11, according to data from Nasdaq.
The deal comes just a month after the largest stablecoin issuer by market capitalization Tether agreed to purchase up to $150 million worth of shares in Bitdeer. In a May 31 press release, Bitdeer said the proceeds would be used to “fund its data center expansion, ASIC based mining rig development and for working capital and other general corporate purposes.”