Key facts
- Bitdeer will build a $36 million manufacturing facility in Sparks, Nevada.
- The facility will assemble SEALMINER Bitcoin mining machines and produce key hardware components.
- Commercial production is slated to begin by the end of the year.
- The company secured tax incentives, including reduced sales taxes, from Nevada authorities.
- Bitdeer's stock rose 14.1% to $14.33 following the announcement.
Shares of Bitdeer Technologies Group experienced a significant rally, climbing 14.1% to $14.33 on Thursday, following the company's announcement of a $36 million investment in a new manufacturing facility in Sparks, Nevada. This facility is dedicated to producing its SEALMINER line of Bitcoin mining machines and key hardware components, with commercial production expected to commence by the end of the year. The expansion aims to increase US production capacity and reduce dependence on external suppliers. Bitdeer CEO Catherine Guo stated that the company collaborated with Nevada Governor Joe Lombardo's administration to secure tax incentives, including reduced qualifying sales taxes, as part of the decision to establish operations in the state. This move occurs as several large Bitcoin mining firms are diversifying into AI and high-performance computing, leveraging their existing infrastructure. While Bitdeer is expanding its hardware manufacturing, other miners like MARA Holdings and TeraWulf are also making significant investments in AI and digital infrastructure. In May, Bitdeer mined 921 BTC, a 370% increase from the previous year.