Bitdeer Technologies Group (NASDAQ: BTDR), a leading technology company specializing in blockchain and high-performance computing, has announced plans to expand its Bitcoin mining operations into Ethiopia.
The company has signed a Share Purchase Agreement (SPA) and a turnkey agreement to acquire and develop a 50-megawatt (MW) mining data center in the Oromia Region for $7.5 million.
This acquisition includes a local Ethiopian company with a mining permit and a four-year Power Purchase Agreement (PPA) with Ethiopian Electric Power Company at approximately $0.036 per kilowatt-hour. The project is expected to be operational by the fourth quarter of 2025.
Ethiopia is emerging as a favorable location for Bitcoin mining due to its abundant and affordable hydroelectric power. Bitdeer’s expansion into the country aligns with this trend, aiming to leverage these energy resources for its operations.
In addition to its expansion plans, Bitdeer has decided to pause the monthly disclosure of its chip wafer capacity.
The company cited current market uncertainties and a significant slowdown in mining rig demand as reasons for this decision, stating that such disclosures are not currently useful.
These strategic moves reflect Bitdeer’s efforts to adapt to evolving market conditions and optimize its operations in the cryptocurrency mining sector.
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