On June 28, Bitdeer, a Bitcoin mining company, declared the signing of a 30-year leasing agreement with the Monroe County Port Authority for a site located at the Hannibal Industrial Park in Clarington, Ohio.
site was formerly an aluminium factory and is equipped with the necessary power infrastructure for Bitdeer mining operations.
Bitdeer intends to obtain up to 570 MW of additional power from site in two phases. The first phase will deliver 266 MW by Q3 5 and the remaining 304 MW will be available after review by utility authorities.
Bit’s Low Energy Costs Gain Attention
In March, analyst Mark Palmer expressed confidence in Bit due to its exceptionally low energy costs compared to others in the industry—averaging $.04 per kilowatt hour.
In related news, Tether announced a $150 million investment in Bitdeer and acquired over 18 million shares. The company also a warrant for purchasing an additional 5 million shares at $10 per share.
Bitcoinving and Mining Industry Impact
Following the April 2024 halving, concerns about miner profitability have heightened as they grapple with high energy and reduced block rewards of 3.125 BTC.
According to research from Cantor Fitzgerald, several Bitcoin mining might face unprofitability post-halving due to high all-in mining costs ranging between $43,913 and $62,276 per BTC for eleven potentially affected firms.
Within Cantor Fitzgerald’s research findings:
– Argo Blockchain Mining incurred highest mining costs at62,276 per BTC
– Hut8 followed closely at $60,360 per coin
However, Cantor’s study used a market price of $40,000 as profitability threshold post-hving—a price level that has not yet been observed after halving.
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