Bitcoin mining company Bitdeer has signed a 30-year leasing agreement with the Monroe County Port Authority for a site in Clarington, Ohio. The site, located at the Hannibal Industrial Park, was previously used as an aluminium factory and has the necessary power infrastructure for Bitdeer’s mining operations.
Bitdeer plans to secure up to 570 MW of additional power through the site in two phases. The first phase of 266 MW is expected to be delivered in Q3 2025, with the remaining 304 MW becoming available after a review by utility authorities.
In March, analyst Mark Palmer praised Bitdeer for having one of the lowest energy costs in the industry at an average of $0.04 per kilowatt hour. In May, stablecoin issuer Tether invested $150 million in Bitdeer, acquiring more than 18 million shares with an option to purchase an additional 5 million shares at $10 each.
After the Bitcoin halving in April 2024, concerns about miner profitability have increased as miners face high energy costs and a reduced block reward of 3.125 Bitcoin. Research from Cantor Fitzgerald revealed that some mining companies may not be profitable post-halving, with mining costs ranging between $43,913 and $62,276 per Bitcoin for 11 potentially impacted firms.
Among these, Argo Blockchain Mining has the highest mining costs at $62,276 per Bitcoin, followed closely by Hut8 at $60,360. Cantor Fitzgerald’s research uses a market price of $40,000 as the threshold for profitability, which has not yet been reached post-halving.