Shares of Bitdeer Technologies Group rose on Thursday after the Bitcoin (BTC) mining infrastructure company announced a $36 million manufacturing facility in Nevada, which expands its U.S. production capacity and could reduce its dependence on third-party mining equipment suppliers.
Bitdeer rose 14.1% to $14.33, fully recovering from the sell-off earlier in the week. Despite Thursday’s gain, the company’s stock remains about 27% below its June high but is up 26% year to date.
The gains followed Bitdeer’s announcement that it would build a manufacturing facility in Sparks, Nevada, to assemble its SEALMINER line of bitcoin mining machines. The plant will produce key mining equipment components, with commercial production expected to begin by the end of the year.
Bitdeer Technologies Group (BTDR) shares. Source: Yahoo Finance
Bitdeer CEO Catherine Guo he said local media The Singapore-based company worked with Nevada Governor Joe Lombardo’s administration and local governments to provide tax incentives, including reductions in eligible sales taxes, as part of its decision to operate in the state.
The investment comes as several vast Bitcoin mining companies expand into artificial intelligence and high-performance computing, leveraging their access to power and data center infrastructure. Bitdeer has also expanded into AI and HPC cloud services, although the up-to-date facility in Nevada will be dedicated to producing bitcoin mining hardware.
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While Bitdeer expands its hardware business, many publicly traded Bitcoin miners continue to diversify their operations beyond cryptocurrency mining.
MARA Holdings on Thursday announced plans to acquire a Texas facility with up to 2 gigawatts of capacity to expand its artificial intelligence and digital infrastructure businesses. Earlier this week, TeraWulf signed a 20-year data center lease with AI startup Anthropic. A deal that the company said could generate about $19 billion in contract revenue.
Meanwhile, Bitdeer continues to focus on expanding its mining business in parallel with its infrastructure business. In its latest production update, the company said it mined 921 BTC in May, an boost of 370% compared to the previous year.
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