bitcoin Mining company Bitdeer Technologies (BTDR) rose as much as 30% on Wednesday after announcing new steps to accelerate its expansion into high-performance computing (HPC) and artificial intelligence (AI) infrastructure.
The Singapore-based company said it will directly manage the development of its own AI data centers rather than relying on external partners, starting with its facility in Clarington, Ohio. Bitdeer said the local utility confirmed that all 570 megawatts (MW) of electrical capacity will be available by the end of the third quarter of 2026, almost a year ahead of schedule.
Two other sites, Tydal in Norway and Wenatchee, Washington in the US, will also be converted, with Tydal expected to support 164 MW of AI computing by the end of next year, the company said.
The company said it sees a “sustained imbalance” between demand and supply for AI computing power. The company expects to deploy more than 200 MW for AI computing by the end of next year. In an optimistic scenario, Bitdeer said its AI operations could generate more than $2 billion in annualized revenue.
“This momentum is driven by a marked increase in incoming interest in our energy assets, which has become a strong catalyst for expanding our efforts,” Matt Kong, Bitdeer’s chief commercial officer, said in a statement.
The company’s shares rose as much as 30% in the first minutes of trading on Wednesday, trading above $26 for the first time since early January. They were 26% higher at the time of this publication.
Bitdeer’s development fits into a broader trend of crypto mining companies shifting to repurpose their computing power for growing demand for AI. Miners such as Bitfarms, IREN and TeraWulf have been favored by investors as indirect bets on AI infrastructure and optimism that they would strike lucrative data center hosting deals.
Read more: Bitcoin Miner stock continues to rise, with BlackRock, Nvidia and Microsoft joining a $40 billion bet on AI data center
