Bitcoin miner Bitdeer has announced a strategic partnership with the Monroe County Port Authority in Ohio to expand its power capacity by 570 MW, according to a statement shared with CryptoSlate on June 28.

As part of the agreement, Bitdeer will lease land in the Hannibal Industrial Park in Clarington for 30 years. The site, a former aluminum processing facility, already has the necessary power infrastructure to support large loads.

Following the news, Bitdeer's stock rose by 5%, trading at $10.26 at the time of the announcement.

Expansion in mining capacity

Bitdeer stated that this partnership will increase its total global capacity to 2.5 GWs, enhancing its capabilities in Bitcoin mining, High-Performance Computing (HPC), and Artificial Intelligence (AI).

The 570 MW capacity will be rolled out in two phases, with the first phase of 266 MW expected to be operational by the third quarter of 2025. The remaining 304 MW is currently undergoing regional transmission planning review.

Linghui Kong, Chief Business Officer at Bitdeer, expressed optimism about the expansion:

“The strategic location of the Hannibal Industrial Park, coupled with its existing infrastructure, significantly boosts our current power capacity and supports our growth plans in Bitcoin mining, HPC, and AI.”

This development follows Bitdeer’s recent closure of a $150 million private placement financing with Tether, consisting of $100 million initially and a potential additional $50 million if warrants are fully exercised.

Bitdeer's move comes amidst ongoing challenges in the mining sector, including falling Bitcoin prices, decreased hash rates, and low profitability. Consequently, many miners are diversifying revenue streams by expanding into activities such as supporting AI infrastructures and mining alternative cryptocurrencies like Kaspa. Some miners are also acquiring competitors to navigate the difficult market conditions.