Bitcoin Mining company Bitdeer Technologies (BTDR) jumped as much as 30% on Wednesday after announcing new measures 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 outside partners, starting with its Clarington, Ohio, facility. Bitdeer said the local utility had confirmed that all 570 megawatts (MW) of power capacity would 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 “persistent imbalance” between demand and supply of AI computing power. The company plans 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 push is driven by a marked increase in interest in our energy assets, which has become a powerful catalyst for expanding our efforts,” Bitdeer Chief Commercial Officer Matt Kong said in a statement.
The company’s shares rose 30% in the first minutes of Wednesday’s session, trading above $26 for the first time since early January. They were 26% higher at the time of publication.
Bitdeer’s development is part of a broader trend of crypto mining companies looking to repurpose their computing power to meet the growing demand for AI. Miners such as Bitfarms, IREN and TeraWulf have been investors’ favorites due to their proxy bets on AI infrastructure and optimism about landing lucrative data center hosting deals.
Read more: Bitcoin miner stocks continue to rise, with BlackRock, Nvidia and Microsoft joining $40 billion bet on AI data center
