Bitdeer, a leading Bitcoin mining company, has secured a 30-year lease for a site in Ohio, marking a significant expansion of its mining operations. The lease agreement with the Monroe County Port Authority will provide Bitdeer with up to 570 MW of additional power capacity, making it one of the largest mining operations in the country.

The site, located at the Hannibal Industrial Park in Clarington, Ohio, previously housed an aluminum factory and has the necessary infrastructure to support Bitdeer's mining operations. The company plans to utilize the site in two phases, with the first phase delivering 266 MW of power in Q3 2025 and the second phase providing an additional 304 MW of power after a review by utility authorities.

Bitdeer's expansion comes at a time when the Bitcoin mining industry is facing challenges due to high energy costs and decreased block rewards following the April 2024 halving. However, Bitdeer has been able to maintain its competitive edge due to its low energy costs, with an average price of $0.04 per kilowatt hour. The company has also received significant investments, including a $150 million investment from stablecoin issuer Tether in May.

The Ohio lease is a strategic move by Bitdeer to increase its mining capacity and reduce its reliance on any one location. The company's expansion plans are expected to create new jobs and stimulate economic growth in the region. Bitdeer's commitment to Ohio is a testament to the state's attractive business environment and its support for the cryptocurrency industry.

In conclusion, Bitdeer's lease of the Ohio site marks a significant milestone in the company's expansion plans and demonstrates its commitment to the Bitcoin mining industry. With its low energy costs and strategic location, Bitdeer is well-positioned to maintain its competitive edge and continue to play a leading role in the cryptocurrency market.