Bitdeer boosts Bitcoin mining power with new Ohio site lease

One of the industry’s major players, Bitdeer, has announced a significant expansion by signing a 30-year lease agreement with the Monroe County Port Authority. The deal allows Bitdeer an additional 570MW from the Hannibal Industrial Park in Clarington, Ohio. This is a major step in Bitdeer’s strategic growth plan and further strengthens its presence in the market.

The new partnership will boost Bitdeer’s global capacity to an impressive 2.5GW, helping the company fulfill its vision of enhancing the ecosystem for Bitcoin mining, High-Performance Computing, and Artificial Intelligence. The site, formerly an aluminum processing factory, benefits from existing power distribution networks and utility substations, which are important for Bitdeer’s expansion of operations.

Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm about the company’s development and pointed out the advantages of establishing it in Hannibal Industrial Park. According to Kong, this location benefits Bitdeer because there is an existing structure in place, which will improve not only the generation of power but also efficiency in critical sectors like Bitcoin mining and AI.

The corporation plans to achieve a generation capacity of 266 MW that can be generated and dispatched by the third quarter of next year. It plans to integrate the remaining 304 MW into the local transmission planning process.

Bitdeer’s recent advancement came after a major success in its financial development. According to a report by DL News, one of the stablecoin issuers, Tether Holdings, invested $100 million in Bitdeer. Also, one year after the first transaction, they can purchase an additional $50 million of stocks.

According to Paolo Ardoino, the CEO of Tether, Bitdeer has established itself as a prominent player in the Bitcoin mining sector. He also emphasized the company’s latest technologies and remarkable research and development. Jihan Wu, the founder of Bitdeer, is a Chinese billionaire and the co-founder of Bitmain, the largest supplier of Bitcoin mining chips globally. They have been making great strides in this industry.

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Bitdeer has its headquarters in Singapore and operates several data centers in the USA, Norway, and Bhutan, making it one of the key players in the cryptocurrency mining industry. This enhances its position as a market leader in this industry and the international market. Thus, entering the Ohio market improves the company’s performance and proves its further development and sustainability in digital currencies that continue to evolve.

Harsh Chauhan

Harsh Chauhan is an experienced crypto journalist and editor at CryptoNewsZ. He was formerly an editor at various industries and has written extensively about Crypto, Blockchain, Web3, NFT and AI. Harsh holds a Bachelor of Business Administration degree with a focus on Marketing and a certification from the Blockchain Foundation Program. Through his writings, he hold the pulse of rapidly evolving crypto landscape, delivering timely updates and thought-provoking analysis. His commitment to providing value to readers is evident in every piece of content produced.

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