Bitdeer Technologies (NASDAQ: BTDR) has enhanced its competitive position with a new 570-MW power agreement in Ohio, aimed at bolstering its capabilities in Bitcoin mining and high-performance computing (HPC). The deal, made in partnership with Ohio’s Monroe County Port Authority (MCPA), grants Bitdeer a 30-year lease for a Bitcoin mining facility in Clarington, Ohio. This facility, previously used for aluminum production, offers a cooler climate conducive to Bitcoin mining, thereby maximizing efficiency.
As a result, Bitdeer will add up to 570 MW of power capacity, increasing its global infrastructure development pipeline to 2.5 GW. The existing power infrastructure, including utility switchyards and transmission lines, will accommodate Bitdeer’s hyperscale computing load. The first 266 MW of this additional capacity is expected to be available by Q3 2025, with the remaining power under review to be integrated into the regional transmission planning process.
This expansion is not just about increasing power for Bitcoin mining; it also supports broader partnerships amid soaring demand for electricity access for generative artificial intelligence (AI) and machine learning applications. Linghui Kong, Bitdeer’s Chief Business Officer, emphasized that the strategic location of the Hannibal Industrial Park and its ready-to-use infrastructure significantly expand the company's existing power capacity.
Monroe County’s Economic Development Committee expressed excitement about Bitdeer joining the community. Taylor Stepp, Ernst & Young’s Investment, Credits, and Incentives Manager, also cheered the development, noting the hard work that made the partnership possible.
Monroe County has been leveraging opportunity zones for several years to attract high-tech data centers, and Ohio has made strides in green energy initiatives, including a waste-to-heat renewable power project in partnership with the University of Dayton and utility AES Ohio.
Bitdeer operates six Bitcoin mining facilities globally, with a total electricity capacity of 895 MW as of Q1 2024. The company has also recently unveiled SEAL01, its first chip designed to amplify Bitcoin mining efficiency. These advancements have caught the attention of Wall Street analysts. Roth MKM analyst Darren Aftahi reissued a “buy” rating on Bitdeer stock with a $14 price target, compared to the current price of about $12. Other sell-side analysts, including Benchmark, BTIG Research, and HC Wainwright, have similarly set “buy” ratings on BTDR shares.
In June, Cantor Fitzgerald lifted its rating on Bitdeer to “outperform,” citing the company’s diversified business model and the potential of its commercial Bitcoin mining rig division. Market prognosticators predict that the price of Bitcoin will reach a new all-time high this year, owing to historical trends and strengthening demand. In response, miners are eager to expand their access to electricity.
Bitdeer’s pioneering position in the industry could support the next wave of price growth and technical innovation in the blockchain space with its in-house chip development and massive power pipeline.
