Bitcoin mining company Bitdir has acquired a lease for an Ohio site
On June 28, Bitcoin mining company Bitdir announced a 30-year lease agreement with the Monroe County Port Authority for a site in the Hannibal Industrial Park in Clarington, Ohio.
According to the company's announcement, the site already houses an aluminum plant and has the necessary power infrastructure to support Bitdir's mining operations.
Bitdir aims to secure up to 570 MW of additional power on site in two phases, with the first 266 MW to be delivered by Q3 2025 and the remaining 304 MW of power available after review by utility authorities.
Bitdir attracts attention from the industry
In March, analyst Mark Palmer expressed his confidence in Bitdeer, stating 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.
Related: Bitdeer Introduces Energy-Saving Bitcoin Mining Chip
Later, in May, stablecoin issuer Tether announced a $150 million investment in Bitdeer, acquiring more than 18 million shares. In addition, the company has warrants to purchase an additional 5 million shares at $10 each.
Half of Bitcoin and the mining industry
After the April 2024 halving, concerns about the profitability of mining have been put into greater focus, with miners experiencing high energy costs and a reduced reward of 3.125 Bitcoin (BTC).
According to a study from financial services firm Cantor Fitzgerald, many Bitcoin mining companies may not be profitable after mid-April due to the universal cost of mining a single Bitcoin. The report indicated high mining costs of between $43,913 and $62,276 per BTC for 11 potentially affected mining companies.
Argo Blockchain Mining was highlighted as the mining company with the highest mining cost by Cantor Fitzgerald Research at $62,276 per Bitcoin, while Hut8 followed at $60,360 per coin.
However, Cantor Fitzgerald's study uses a market price of $40,000 to determine profitability, and a return to this price level is yet to be seen after the halving.
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