Bitcoin BTC$112,086.26 Mining company Bitdeer Technologies (BTDR) soared 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 external partners, starting with a facility in Clarington, Ohio. Bitdia said the local utility has confirmed that all 570 megawatts (MW) of power capacity will be available by the end of the third quarter of 2026, nearly a year ahead of schedule.
Two other sites, Tydal in Norway and Wenatchee, Washington, US, will also be converted, and Tydal will support 164MW of AI computing by late 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. Bitdeer says that in an optimistic scenario, its AI business could generate more than $2 billion in annual revenue.
“This move is driven by a significant increase in inbound interest in our power assets, which is a strong catalyst to expand our efforts,” Matt Conn, Bitdia’s chief business officer, said in a statement.
The company’s shares rose as much as 30% in early trading Wednesday, topping $26 for the first time since early January. At the time of writing, it was 26% higher.
Bitdeer’s development fits into a broader trend of crypto mining companies pivoting to repurpose computing power to meet rapidly growing AI demands. Miners like Bitfarms, IREN, and TeraWulf have become favorites of investors as proxy bets on AI infrastructure and because they are optimistic they will land lucrative data center hosting deals.
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