The stock of crypto mining firm Bitdeer Technologies experienced a remarkable surge on Wednesday, soaring nearly 30% to reach an all-time high of $27. This impressive climb marks an extension of a two-day rally, driven largely by an increase in mining output and ambitious plans to expand into AI data centers. The timing of this rise coincides with Bitcoin’s consistent presence near the $110,000 mark, indicating strong resilience and uplifting confidence across the mining sector. As a result, the combined market capitalization of publicly listed miners now exceeds $90 billion, more than double the figures recorded just two months ago.
This uptick in Bitdeer’s fortunes is underscored by its mining productivity, with the company successfully mining 452 BTC in September—an increase of 20.5% compared to August. The firm’s self-mining hashrate has now reached 35 exahashes per second, with expectations set to hit 40 EH/s by the end of October. These advancements follow the recent deployment of its SEALMINER A2 and A3 rigs, which showcase efficiency levels below 10 joules per terahash. The company attributes its growth to a rising demand for computing power, which has spurred both its mining and AI initiatives, according to Chief Business Officer Matt Kong.
Bitdeer’s total power pipeline has expanded significantly, now totaling around 3 gigawatts, with new capacities coming online in regions such as Norway, Bhutan, and Ohio. The site in Clarington, Ohio, is particularly noteworthy, as it is expected to provide 570 megawatts by the end of the third quarter of 2026—nearly a year ahead of schedule.
In addition to its mining operations, Bitdeer has plans to allocate over 200 MW of capacity towards AI computing by 2026. Management anticipates that, if all goes to plan, AI-related revenue could exceed $2 billion annually. The company is also currently converting facilities in Washington State and central Norway to support GPU-intensive workloads. This dual approach allows Bitdeer to stabilize potential fluctuations in cryptocurrency revenues by leveraging steady demand for AI services. Its AI centers are set up to provide flexible capacities for various industries, including cloud computing and large-scale model training, enabling the company to effectively monetize excess energy during downturns in Bitcoin.
With analysts expressing optimism regarding Bitdeer’s future, there are various updated price targets. Cantor Fitzgerald has raised its target to $50, while Roth Capital reaffirms a Buy rating at $40. BTIG has set its price target at $25. Institutional investments have seen a sharp increase, with hedge funds increasing their stakes by as much as 70% in recent quarters.
Challenges do remain for the sector, however. Bitcoin’s network hashrate has surpassed one zettahash, pushing difficulty levels to new heights and consequently lowering the hash price to approximately $47 per petahash per second. Nevertheless, investors remain bullish on Bitdeer due to its blend of AI growth and efficient mining practices, perceiving it as a compelling example of integrated growth within the expanding sphere of digital infrastructure.
The rally in Bitdeer’s stock has contributed to a broader resurgence among public mining companies. Marathon Digital closed at $22.84, while Riot Platforms ended the day at $22.13, both retaining escalation momentum. CleanSpark also saw an uptick of 5.5% to settle at $23.20 amidst reports of enhanced cost efficiencies and ongoing facility expansions. Applied Digital, pivoting towards AI data-center services, climbed 14%, buoyed by enthusiasm for GPU infrastructure. Other companies like Hut 8 and Cipher Mining also posted gains, albeit smaller, of between 6% and 8%, whereas Canaan Technologies surged over 10% following a significant order for its Avalon A15 Pro miners.
This collective momentum underscores a renewed confidence in vertically integrated mining firms that successfully combine self-mining operations, hardware design, and AI hosting capabilities. With Bitcoin prices maintaining stability near record levels and an influx of institutional investments into digital infrastructure equities, the mining sector appears set for a new phase of growth characterized by diversification and scalability.
