Bitdeer Technologies has made waves in the market following a significant announcement regarding its expansion into high-performance computing (HPC) and artificial intelligence (AI) infrastructure. The Singapore-based mining firm witnessed a remarkable surge in its stock, jumping as much as 30% on Wednesday, reaching above $26—its highest trading price since early January.
The company revealed that it would take direct control of the development of its own AI data centers, moving away from partnerships with outside entities. This strategic shift begins with its facility located in Clarington, Ohio, where local utility operators confirmed that all 570 megawatts (MW) of electrical capacity will be available by the end of the third quarter of 2026, approximately a year ahead of the original timeline.
In addition to the Ohio facility, Bitdeer announced plans to convert two other locations—Tydal in Norway and Wenatchee, Washington—into AI-capable sites. The Tydal facility is projected to support 164 MW of AI computing by late next year. The firm is capitalizing on what it describes as a “sustained imbalance” in the demand and supply of AI computing power, projecting that it will deploy over 200 MW for AI computing by the end of 2024. In a particularly optimistic outlook, Bitdeer anticipates that its AI operations could generate upwards of $2 billion in annual revenue.
Matt Kong, the company’s chief business officer, emphasized that this strategic push is fueled by a notable increase in interest in their power assets. This demand has proven to be a strong catalyst for expanding their efforts into AI infrastructure.
Bitdeer’s recent maneuver aligns with a wider trend among cryptocurrency mining firms that are transitioning to intersect with the rapidly expanding AI sector. Companies like Bitfarms, IREN, and TeraWulf have emerged as investor favorites as they seek to capitalize on the lucrative hosting deals associated with AI data centers, further driving speculation and optimism in this growing market.
As Bitdeer’s stock continues to rise, it remains nested in a broader narrative of the cryptocurrency mining industry’s evolution, illustrating the compelling intersection of blockchain technology and advanced computing capabilities.
