Bitdeer Technologies saw its stock jump sharply by up to 30% after unveiling a bold plan to expand further into artificial intelligence infrastructure and data centers. The pivot signals a shift from pure crypto mining toward high-performance computing operations. In this piece, we unpack the company’s key moves and explore the potential opportunities and risks behind this transformation.
Bitdeer, headquartered in Singapore, surprised the market by announcing that it will directly manage the development of its own AI data centers, rather than relying on external partners. The company’s Ohio facility in Clarington is slated to be upgraded, with full electrical capacity of 570 MW expected by late 2026.
In addition, Bitdeer plans to convert sites in Tydal (Norway) and Wenatchee (U.S.) into AI-capable infrastructure, aiming to deploy more than 200 MW of AI computing load by the end of next year. The move is driven by what the firm calls a “sustained imbalance” between AI compute demand and supply.
Financial ambitions are ambitious: Bitdeer projects that its AI operations could generate over $2 billion in annualized revenue (ARR) if the plan succeeds. Its AI cloud unit has already achieved $8 million in ARR as of September, with GPU utilization at 86%.
From mining to AI: a strategic shift that electrified the market
Meanwhile, its core bitcoin mining business remains active. In September, Bitdeer mined 452 BTC—a 20.5% increase from August—backed by a rising self-mining hashrate nearing 35 EH/s. The company expects to reach 40 EH/s in the near future.
This strategic turn aligns with a broader trend: several crypto miners are retooling their business models to become players in AI infrastructure.
Yet the transition is not without challenges. Converting facilities, procuring specialized hardware, integrating AI operations, and landing customers in a competitive space entail major capital and operational risks. If demand lags or bottlenecks arise in power supply or component availability, the strategy could face delays or scaling headwinds.
In sum, Bitdeer’s announcement is more than a short-term stock move—it signals a potential reinvention of its core business. If it executes well, the company may reframe its role in the broader tech landscape. For now, the market has greeted the plan with enthusiasm, though future performance must validate that optimism.
