Bitdeer Expands Power Capacity Pipeline to 2.5 GW with 570 MW Strategic Partnership with Monroe County Port Authority in Ohio
Bitdeer Technologies Group (Nasdaq: BTDR) has announced a strategic partnership with the Monroe County Port Authority (MCPA) to lease land at Hannibal Industrial Park in Clarington, Ohio, increasing its power capacity pipeline by 570 MW. This deal raises Bitdeer's total global capacity to 2.5 GW, supporting their Bitcoin mining, high-performance computing, and AI operations. The site, a former aluminum processing facility, offers ready-to-use power infrastructure. The initial 266 MW will be available by Q3 2025, with the remaining 304 MW under review. Bitdeer emphasizes its commitment to expanding operational capabilities to better serve its customers and stakeholders.
- Bitdeer expands power capacity to 2.5 GW globally.
- Secures 570 MW through a strategic partnership with Monroe County Port Authority.
- 266 MW expected to be available by Q3 2025.
- Remaining 304 MW still under review and not yet incorporated into the regional transmission planning process.
Insights
Bitdeer Technologies Group's recent strategic partnership with the Monroe County Port Authority represents a significant expansion of their power capacity, important for their operations in Bitcoin mining and high-performance computing (HPC). The agreement secures up to 570 MW of additional power capacity, pushing their total to an impressive 2.5 GW globally.
From a financial perspective, this move positions Bitdeer to scale its operations and potentially increase revenue through higher Bitcoin mining rates and expanded HPC services. The initial 266 MW becoming available by Q3 2025 suggests a phased operational ramp-up, allowing for revenue growth in the near term, followed by further expansion as the remaining capacity is integrated into the regional transmission planning process.
Investors should note the long-term nature of the 30-year lease, indicating Bitdeer's commitment to sustained growth. Additionally, utilizing existing infrastructure reduces upfront costs and time to operational readiness, which is a positive financial consideration.
However, there are risks, including the volatility of Bitcoin prices, which could impact projected returns. Furthermore, integrating the remaining 304 MW into the regional transmission planning process could face delays or regulatory hurdles.
The expansion of Bitdeer's power capacity is a strategic move that strengthens its competitive position in the Bitcoin mining and HPC sectors. The Monroe County Port Authority's Hannibal Industrial Park, with its existing utility infrastructure, offers a significant advantage, reducing the time and capital expenditure required to become operational.
This partnership indicates Bitdeer's proactive strategy in securing essential resources to support its growing operations. The expansion to 2.5 GW globally enhances Bitdeer's ability to attract larger clients and take on more demanding projects in HPC and AI, which are rapidly growing markets.
Investors should consider the potential market demand for increased computing power driven by advancements in AI and the sustained interest in blockchain technologies. Bitdeer’s strategic infrastructure expansion could position it well to capitalize on these trends.
Nonetheless, the competitive landscape in both Bitcoin mining and HPC is fierce and Bitdeer will need to continuously innovate to maintain its market position. The success of this expansion will also depend on how well they manage the integration and scaling of the new power capacity.
SINGAPORE, June 28, 2024 (GLOBE NEWSWIRE) -- Bitdeer Technologies Group (Nasdaq: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, is pleased to announce that the Company has entered into a lease agreement with the Monroe County Port Authority (MCPA) to secure up to 570 MW of additional power capacity. This strategic partnership significantly increases Bitdeer’s total capacity to 2.5 GW globally and strengthens Bitdeer’s infrastructure development pipeline for Bitcoin mining and high-performance computing (HPC) and AI.
Under this agreement, Bitdeer has leased land for 30 years at the Monroe County Port Authority-owned Hannibal Industrial Park in Clarington, Ohio USA, which previously served as an aluminum processing facility. This site benefits from existing power infrastructure, utility switchyards and transmission capable of supporting hyperscale loads. Of the total 570 MW of power capacity contemplated under this agreement, the initial 266 MW is expected to be available in Q3 2025, with the remaining 304 MW currently under review to be formally incorporated into the regional transmission planning process.
"We are excited about the prospects this expansion brings to Bitdeer and our stakeholders. The strategic location of the Hannibal Industrial Park, combined with its ready-to-use infrastructure, significantly expands our existing power capacity and supports our growth ambitions in Bitcoin mining and HPC and AI," said Linghui Kong, Chief Business Officer at Bitdeer.
Bitdeer remains committed to its role as a pioneer in the accelerated computing and technology industry, continuously seeking opportunities to improve and expand its operational capabilities to better serve its customers and partners worldwide.
About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com or follow Bitdeer on X @BitdeerOfficial and LinkedIn @ Bitdeer Group.
Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.
For investor and media inquiries, please contact:
Investor Relations
Orange Group
Yujia Zhai
BitdeerIR@orangegroupadvisors.com
Public Relations
Wachsman
Bee Shin
Bitdeer@wachsman.com
FAQ
What is the new power capacity of Bitdeer after the recent expansion?
How much power capacity is Bitdeer adding through its partnership with Monroe County Port Authority?
When will the initial power capacity be available at the new site in Ohio?
What is the significance of the strategic partnership between Bitdeer and the Monroe County Port Authority?
What previous use did the site at Hannibal Industrial Park have?
