Bitcoin mining company Bitdeer (also known as BitDeer) has signed a 30-year industrial site lease with the Monroe County Port Authority in Ohio. Here are the key information about this lease:
Company Background: Bitdeer is a cryptocurrency mining company that originated in China and was founded by Wu Jihan in 2019. The company is mainly engaged in digital asset mining services, including self-operated mining, cloud computing power sharing and cloud hosting. Currently, Bitdeer has mining data centers in Washington State, Texas, Tennessee and Norway, and plans to open more mining data centers in Ohio and Bhutan.
Lease Term: The lease is for 30 years, which is a relatively long-term commitment, indicating Bitdeer's long-term plan to expand its mining operations in Ohio.
Power Capacity: The lease is expected to give Bitdeer access to 570 megawatts (MW) of power capacity. This is a huge power supply, and considering the huge demand for electricity in Bitcoin mining, such power capacity will greatly support Bitdeer's mining business.
Mining business expansion: Through this lease, Bitdeer aims to expand its mining operations in Ohio. As a geographically advantageous region with potentially cheaper electricity, Ohio provides an ideal location for Bitdeer to mine.
Other mining farms: In addition to its plans in Ohio, Bitdeer already has multiple mining farms around the world, which together form its vast mining network.
Power costs: Power costs are one of the most important costs in the Bitcoin mining business. By signing a long-term lease with Ohio and obtaining a large amount of power capacity, Bitdeer is able to more effectively control its mining costs, thereby maintaining its advantage in the highly competitive mining market.
In summary, this 30-year lease signed by Bitdeer with Ohio marks a further expansion of the company's mining business. It is expected that by obtaining 570 megawatts of power capacity, Bitdeer will be able to better support the development of its mining business.