Solana

Argo

Bitcoin

April

Spot

<a href="https://www.bitdeer.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitdeer</a>, a prominent Bitcoin mining company, has recently secured a 30-year leasing agreement with the Monroe County Port Authority for a site located at the Hannibal Industrial Park in Clarington, Ohio.
The site, formerly an aluminum factory, already possesses the essential power infrastructure necessary for Bitdeer’s mining operations, as per the company’s announcement.
Bitdeer plans to obtain up to 570 MW of additional power from this site in two phases.
The first phase aims to deliver 266 MW by Q3 2025, with the remaining 304 MW subject to approval by utility authorities.
This move underscores Bitdeer’s strategic expansion to enhance its operational capacity.
Analyst Mark Palmer previously expressed confidence in Bitdeer, highlighting the company’s industry-leading energy efficiency with an average cost of $0.04 per kilowatt hour.
This endorsement came amidst significant developments for Bitdeer, including a notable $150 million investment from stablecoin issuer Tether in May, which involved acquiring over 18 million shares with an option for an additional 5 million shares at $10 each.
Post the April 2024 halving event, concerns over miner profitability have intensified.
READ MORE: <a href="https://www.cryptointelligence.co.uk/potential-u-s-spot-solana-etfs-could-skyrocket-sol-price-by-ninefold-gsr-markets-predicts/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Potential U.S. Spot Solana ETFs Could Skyrocket SOL Price by Ninefold, GSR Markets Predicts</a>
Research by Cantor Fitzgerald revealed that many Bitcoin mining firms may face challenges, with estimated mining costs ranging from $43,913 to $62,276 per BTC.
This analysis used a market price assumption of $40,000 as the threshold for profitability, a level not yet regained post-halving.
In Cantor Fitzgerald’s assessment, Argo Blockchain Mining emerged with the highest mining costs at $62,276 per Bitcoin, followed closely by Hut8 at $60,360 per coin.
The research underscores the financial pressures facing miners amidst rising energy costs and reduced block rewards, which now stand at 3.125 Bitcoin per block.
Bitdeer’s long-term lease and expansion plans in Ohio reflect its commitment to scaling operations despite industry challenges.
The move positions Bitdeer to capitalize on its efficient energy model and strategic investments, reaffirming its role as a key player in the evolving landscape of Bitcoin mining.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Bitdeer Secures 30-Year Lease for Ohio Mining Site, Plans Massive Power Expansion

Crypto Intelligence

Andere artikelen gepubliceerd op 1 jul 2024

Bitmain’s New Antminer S21 XP Hyd. Sets New Standards in Hydro-Cooling Efficiency

Ondo (ONDO) Maintains Uptrend Despite Market Drawdowns, Prepares for Bullish Rally

US Govt Transfers $12M Ethereum, Bitcoin-Like Selloff Coming Up?

Vitalik Buterin proposes faster Ethereum trades with single-slot finality

Bitcoin (BTC) Faces Strong Volatility On Divergent US PMI Data

Robinhood Acquires Pluto To Expand Investment Advice

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!