Bitdeer’s stock climbs after revealing 570 MW expansion in Ohio

admin — Fri, 28 Jun 2024 20:44:49 +0000

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

Under this arrangement, Bitdeer will lease the land in the county’s Hannibal Industrial Park in Clarington for 30 years. The site is a former aluminum processing facility with power infrastructure to support large loads.

The miner’s stock rose 5% on the news and was trading at $10.26 as of press time.

Mining growth

The firm stated that the partnership will add 570 MW to its capacity pipeline, raising its global total to 2.5 GWs. This increase will enhance the company’s capacity for Bitcoin mining, High-Performance Computing (HPC), and Artificial Intelligence (AI).

The 570 MW capacity will be delivered in two phases, starting next year. The first phase, delivering 266 MW, is expected in the third quarter of 2025, while the remaining 304 MW is under review for regional transmission planning.

Linghui Kong, Bitdeer’s Chief Business Officer, expressed enthusiasm for the expansion. Kong said:

“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.”

Notably, the move follows Bitdeer’s recent closure of a $150 million private placement financing with Tether. The transaction included $100 million with a possibility of an additional $50 million if the warrant is fully exercised.

Bitdeer’s move comes amid the ongoing miner capitulation, driven by a falling Bitcoin price, declining hash rate, and a meager hash price.

Due to this, several miners have stepped up efforts to diversify their revenue streams by engaging in different activities, including providing infrastructures for artificial intelligence firms and also mining altcoins like Kaspa. Additionally, the challenging environment has led to some miners acquiring rivals.

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Bitdeer gains $150 million from Tether for ASIC-based mining rig development

admin — Fri, 31 May 2024 17:55:49 +0000

Stablecoin issuer Tether has entered into an agreement to acquire up to $150 million worth of shares from prominent Bitcoin mining firm Bitdeer via a private placement deal, according to a May 31 statement.

Under the agreement, Tether has acquired 18,587,360 Class A ordinary shares from the BTC miner for $100 million. It could purchase up to 5,000,000 additional shares at $10.00 per share, translating to an extra $50 million. Cantor Fitzgerald & Co. acted as the private placement agent.

Following the news, Bitdeer shares jumped over 8% at pre-market trading to $6.35 as of press time, according to Google Finance data.

Bitdeer to fund expansion

The Singapore-based company intends to use the net proceeds from this investment to fund its data center expansion, ASIC-based mining rig development, working capital, and other general corporate purposes.

Bitdeer’s chief business officer, Linghui Kong, said:

“With Tether’s support, we are poised to accelerate our growth and continue our leadership in sustainable and efficient bitcoin mining. This partnership marks a significant milestone for Bitdeer, and we look forward to achieving great things together.”

Paolo Ardoino, CEO of Tether, added:

“Bitdeer’s proven track record and world-class management team are perfectly aligned with Tether’s long-term strategic vision. We anticipate close collaboration with Bitdeer across several key infrastructure areas moving forward.”

Tether’s growing businesses

This latest venture marks Tether’s ongoing push into the crypto mining sector, following a significant capital investment in Swan’s Managed Bitcoin Mining service.

In Apil, Tether revealed it was splitting into four divisions—Tether Data, Tether Finance, Tether Power, and Tether Edu—to reflect its broader interest in developing the emerging industry. The company revealed that this move aimed to broaden its influence and diversify beyond its core stablecoin operations.

Meanwhile, these diversification efforts coincide with Tether’s record financial performance. During the first quarter, the company posted substantial profits, with its USDT market capitalization rising to a new high of $111 billion, accounting for 77% of the top 10 stablecoins trading volumes on centralized exchanges, according to CCData.

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