On June 28, Bitcoin mining company Bitdeer announced it had entered into a 30-year lease with the Monroe County Port Authority at the Hannibal Industrial Park in Clarington, Ohio. 🏭

The site was previously home to an aluminum smelter and has the necessary energy infrastructure to accommodate Bitdeer's mining operations, according to the company's statement.

Bitdeer plans to provide up to 570 MW of additional capacity at this site in two phases, with the first 266 MW delivered in Q3 2025 and the remaining 304 MW of capacity becoming available subject to regulatory review.

In March, analyst Mark Palmer expressed confidence in Bitdeer, noting that the Bitcoin mining company has one of the lowest energy costs in the industry, with an average price of $0.04 per kilowatt-hour.

In May, stablecoin Tether announced a $150 million investment in Bitdeer, acquiring more than 18 million shares. The company also has an option to purchase an additional 5 million shares at a price of $10 per share.

Following the April 2024 cut, questions about miner profitability have become more pressing as miners face high energy costs and a reduced block reward of 3.125 Bitcoin (BTC).