GPT4 Bitdeer the Bitcoin mining company is set to unveil a new 570 MW power plant in Ohio

Bitdeer has successfully obtained a 30-year lease for property at the Hannibal Industrial Park in Ohio, owned by the Monroe County Port Authority. The mining company Bitdeer, established by Chinese billionaire Jihan Wu in 2020, has signed a lease contract with the Monroe County Port Authority to secure up to 570 MW of additional power capacity at the Hannibal Industrial Park in Clarington, Ohio. The financial terms of the agreement were not disclosed, but Bitdeer mentioned that the site was previously used as an “aluminum processing facility.” Bitdeer will take advantage of the existing “power infrastructure, utility switchyards and transmission capable of supporting hyperscale loads.” The site is expected to enhance the company’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 anticipated 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 stated that the location “significantly expands our existing power capacity” and that the partnership with the Monroe County Port Authority “supports our growth ambitions in Bitcoin mining and HPC and AI.” After the announcement, Bitdeer’s shares (BTDR) rose by 3.37% in pre-market trading, reaching $10.11, as per data from Nasdaq. The deal comes shortly after Tether, the largest stablecoin issuer by market capitalization, agreed to purchase up to $150 million worth of shares in Bitdeer. In a press release on May 31, Bitdeer stated that 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.”