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Home»ADOPTION NEWS»Bitdeer plans to secure 570MW of power capacity for Bitcoin mining by leasing industrial complex
ADOPTION NEWS

Bitdeer plans to secure 570MW of power capacity for Bitcoin mining by leasing industrial complex

By Crypto FlexsJune 29, 20243 Mins Read
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Bitdeer plans to secure 570MW of power capacity for Bitcoin mining by leasing industrial complex
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Company • June 28, 2024 12:31 PM (EDT)

Posted 2 minutes ago In ~

Bitcoin mining company Bitdeer Technologies is in the process of acquiring approximately 600 MW of additional power capacity to expand its Bitcoin mining capabilities and other activities.

mining operations said On Friday, it signed a lease for an Ohio-based industrial park with advanced power infrastructure, expected to unlock up to 570 MW of power capacity. 30 year contract Bitdeer said it will increase Bitdeer’s total power capacity to 2.5 GW globally, in addition to strengthening the company’s infrastructure development pipeline for Bitcoin mining and other aspects of its operations.

“The strategic location of the Hannibal Industrial Park, combined with the readily available infrastructure, will allow us to significantly expand our existing power capacity and support our growth ambitions in Bitcoin mining and HPC and AI,” said Bitdeer Chief Business Officer Linghui Kong. Said on Friday.

The mining company expects to gradually acquire an additional 570 MW of power capacity over the next year or so. Of the 570 MW, 266 MW is expected to be available to miners in the second half of 2025. The remaining 304 MW are “currently under review for formal incorporation into the regional transmission planning process.”

Mining a single Bitcoin requires approximately 260 megawatt hours (MWh), including cooling the server farm. According to ~ According to estimates cited by the University of British Columbia.

BitDeer’s stock (ticker BTDR) was trading at $10.26 at press time, up about 5% in Friday trading.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not intended to be or be used as legal, tax, investment, financial or other advice.

About the Author

Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency and video games at CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She earned a master’s degree in journalism from CUNY. Follow her on X: @LizKNapolitano

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