Bitdeer to Build $36 Million Mining Equipment Plant in Nevada; Shares Jump 14%

Bitdeer Technologies, a Bitcoin mining infrastructure company, said its shares jumped more than 14% after it announced plans to expand its in-house manufacturing capacity in the US.

Cointelegraph reported on July 9 that Bitdeer plans to build a $36 million mining equipment manufacturing facility in Sparks, Nevada. The plant will produce key components for the company's SEALMINER mining rig lineup, with commercial production set to begin within the year.

Bitdeer shares closed 14.1% higher at $14.33 after the announcement. The move wiped out all of the stock's losses from a sharp decline earlier this week in a single session. The shares are up 26% this year, though they remain about 27% below their June high.

Chief Executive Officer Celine Guo told local media that Bitdeer secured tax incentives, including sales-tax abatements, in cooperation with the Nevada Governor's Office and local authorities. The new facility is meant to reduce reliance on external suppliers and bolster the company's US production capacity.