Bitdeer shares popped 14% on Thursday after the Bitcoin mining company announced a $36 million manufacturing facility in Sparks, Nevada.
The plant will assemble Bitdeer’s SEALMINER mining machines. Commercial production should start before the year ends. The stock hit $14.33, recovering from earlier losses this week, though it’s still about 27% below its June high. Year-to-date, it’s up 26%.
CEO Catherine Guo told local media the Singapore-based company worked with Nevada Governor Joe Lombardo’s office to lock in tax incentives, including reduced qualifying sales taxes. That helped seal the deal on bringing operations to the state.
This move comes as a bunch of big Bitcoin miners pivot into AI and high-performance computing. Bitdeer’s already doing AI cloud services and HPC too, but this Nevada facility is purely for mining hardware.
The company says it mined 921 BTC in May — a 370% increase from last year.
