Need unique free news content for your site customized to your audience?

Let's Discuss

By: News Direct
July 10, 2024

Bitdeer (NASDAQ: BTDR) Announces Strategic Ohio Land Deal, Expands Power Capacity To 2.5 GW Amid AI And HPC Push

By Gerelyn Terzo, Benzinga

Energy is critical to the Bitcoin mining process. Without it, Bitcoin miners wouldn’t be able to access the massive amounts of computing power required to secure the blockchain. The Bitcoin community also relies on miners to bring new Bitcoin into supply and maintain proper liquidity in the market. While the Bitcoin price has retreated from its record high of $70,000, the bulls could regain control at any moment. Some, like Standard Chartered, are even forecasting that the price of Bitcoin could hit an all-time high in August. For miners to optimize their profits, they need to find cheap, scalable power sites.

On cue, Bitcoin mining leader Bitdeer Technologies (NASDAQ: BTDR) has enhanced its competitive position with a new 570-MW power agreement in the U.S. Midwest for the energy-intensive process of Bitcoin mining. Through a new partnership with Ohio’s Monroe County Port Authority (MCPA), Bitdeer is bolstering its power access in the Buckeye State and potential to grow its computing power for either Bitcoin mining or high-performance computing.

Bitdeer has signed a 30-year lease agreement for a Bitcoin mining facility strategically located in Clarington, Ohio, giving the company access to a power facility that was previously used for aluminum production. The facility is situated in a relatively cooler climate – one that is conducive to Bitcoin mining and helps to maximize efficiency for computing. .

As a result of the expansion, Bitdeer will harness up to 570 MW of additional power capacity, bolstering its total infrastructure development pipeline to 2.5 GW globally. As lessor of the property for the next three decades, Bitdeer will benefit from existing power infrastructure, including utility switchyards and transmission lines, which can accommodate Bitdeer’s hyperscale computing load.

Of the additional 570 MW of power capacity, Bitdeer expects the first 266 MW to be available in Q3 2025, with the balance of the power under review to be officially integrated into the regional transmission planning process. The site could also support broader partnerships amid soaring demand for electricity access for generative artificial intelligence (AI) and machine learning applications.

Bitdeer’s platform is used for Bitcoin mining, high-performance computing (HPC) and AI, allowing users to process data speedily and effectively. The company, which is run by Jihan Wu, an early-mover in ASIC development, recently unveiled SEAL01, Bitdeer’s first chip that amplifies Bitcoin mining efficiency.

“The strategic location of the Hannibal Industrial Park, combined with its ready-to-use infrastructure, significantly expands our existing power capacity and supports our growth ambitions in Bitcoin mining and HPC and AI," said Linghui Kong, Bitdeer’s Chief Business Officer.

Monroe County’s Economic Development Committee expressed its excitement to have Bitdeer join its community. Additionally, Taylor Stepp, Ernst & Young’s Investment, Credits and Incentives Manager, cheered the development, noting that a great deal of hard work made the partnership possible.

For its part, Monroe County has been capitalizing on opportunity zones for the past several years in an effort to lure high-tech data centers to the area. Meanwhile, the state of Ohio has made strides on the green energy front, including a partnership between the University of Dayton and utility AES Ohio for an innovative waste-to-heat renewable power project.

Bitdeer operates six Bitcoin mining facilities globally across 895 MW of electricity capacity as of Q1 2024. Bitdeer’s stock gained on the announcement of the partnership on June 28.

Wall Street Analysts Bullish On Bitdeer Stock Amid Near-Term Catalysts

As a blockchain stock, Bitdeer has captured the attention of Wall Street analysts of late as the company continues to make progress on its strategic, innovation-driven roadmap. Most recently, Roth MKM analyst Darren Aftahi reissued his “buy” rating on Bitdeer stock with a $14 price target, compared to the stock’s current price of about $12.

Other sell-side analysts have also shared their bullish thoughts on the stock, including Benchmark, BTIG Research and HC Wainwright, all of which have similarly set “buy” ratings on BTDR shares over the past few months.

The company, as mentioned previously, also recently unveiled SEAL01, its first chip that amplifies Bitcoin mining efficiency.

Cantor Fitzgerald lifted its rating on the stock to an “outperform” in June, citing the company’s diversified business model and the potential of its commercial Bitcoin mining rig division, which is in addition to its proprietary Bitcoin mining operations.

As mentioned earlier, market prognosticators predict the price of Bitcoin will reach yet another fresh all-time high this year, owing to historical trends and strengthening demand, according to a CCData report. In response, miners are chomping at the bit to expand access to electricity.

Bitdeer’s pioneering industry position could allow the company to support the Bitcoin mining industry in the next wave of price growth and technical innovation in the blockchain space with its in-house chip development and massive power pipeline.

Featured photo by geralt on Pixabay.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

Contact Details


+1 877-440-9464

Company Website

View source version on

Blockchain Registration, Verification & Enhancement provided by NewsRamp™

This press release is distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Bitdeer (NASDAQ: BTDR) Announces Strategic Ohio Land Deal, Expands Power Capacity To 2.5 GW Amid AI And HPC Push.

{site_meta && site_meta.display_name} Logo

News Direct

The News Direct platform offers a unique blend of technology and customization. Dive into a world of intuitive design, featuring compelling visuals, interactive elements, and seamless navigation.