- Bitdeer’s shares surged ~30% after it revealed plans to directly manage AI data centers, starting in Ohio, converting mining sites in Norway and Washington.
- The firm expects its Ohio site (Clarington) to reach 570 MW of electric capacity by Q3 2026 and aims to deploy over 200 MW for AI workloads by late next year.
- Bitcoin mining stocks are abuzz, fueled by investors treating miners as proxy plays on AI and data-center infrastructure bets.
On Wednesday, Bitdeer Technologies (BTDR) announced a major shift in its strategy, moving beyond crypto mining. It will now take direct control over AI and high-performance computing (HPC) infrastructure. The company disclosed that it will manage its own AI-oriented data centers, rather than only partnering or leasing. For this it will begin converting existing mining sites for AI workloads.
Central to this plan, is its Clarington, Ohio facility. The local utility confirmed that all 570 MW of electrical capacity will be ready by late Q3 2026, ahead of prior schedules. In parallel, Bitdeer plans to repurpose its Tydal, Norway and Wenatchee, Washington sites for AI compute, with each expected to support ~164 MW by next year.
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Bitdeer’s AI & data center strategy
The company sees a ‘sustained imbalance’ between AI demand and compute supply, and projects that its AI operations could one day generate $2 billion+ in annual revenues under favorable assumptions. By pivoting toward AI and HPC, Bitdeer aims to monetize its existing energy, cooling, and facility infrastructure more lucratively than via raw Bitcoin mining alone.
The company has also been developing its internal capabilities: it allowed a previous letter of intent with a third-party developer to lapse and now plans to deal directly with clients, EPC (engineering, procurement, construction) firms, and tenants.
Bitdeer is known primarily as a Bitcoin mining and infrastructure firm. It runs mining operations, self-mines Bitcoin, deploys proprietary rigs (e.g., its SEALMINER line), and maintains a global power pipeline and mining footprint. In September, it mined 452 BTC, a 20.5% increase from August, thanks in part to rising hashrate (35 EH/s, with ambitions of 40 EH/s).
Happy days for mining stocks
Bitdeer’s rally isn’t happening in a vacuum. The broader Bitcoin mining sector has been on fire lately, with the combined market value of major miners exceeding $90 billion, more than double its level just weeks ago. Other mining names, Hut 8, IREN, Bitfarms, CleanSpark have also surged, driven by investor sentiment that these firms can capture AI/data center upside.
The narrative is simple, miners already have access to power, grid connections, land, and cooling infrastructure, all of which are attributes that can help prize in AI compute deals.
And the AI data center deal space has been abuzz of late. A few days ago ,a consortium of BlackRock, Nvidia, xAI, and Microsoft acquired Aligned Data Centers for ~$40 billion, signaling escalating infrastructure capital flows. Many mining firms are repurposing assets to host GPU clusters or AI workloads. This is helping them redefine themselves as not just pure crypto to hybrid infrastructure plays.
