TLDR
- Bitdeer Technologies shares surged 30% after unveiling AI data center expansion strategy
- Company will operate 570 MW Ohio facility directly, with full capacity arriving by Q3 2026
- Bitdeer aims to deploy 200+ MW for AI computing with potential $2 billion annual revenue
- September mining output reached 452 BTC, up 20.5% month-over-month
- Analysts increased price targets with Cantor Fitzgerald projecting $50 per share
Bitdeer Technologies experienced a 30% stock price increase on Wednesday following the company’s announcement of an expanded artificial intelligence infrastructure strategy. The crypto mining firm’s shares reached an all-time high of $27.
The Singapore-based company revealed plans to directly manage AI data center development. This represents a departure from previous partnerships with external operators.
Bitdeer’s primary AI facility is under development in Clarington, Ohio. The site will provide 570 megawatts of electrical capacity by late third quarter 2026.
The accelerated timeline arrives nearly one year earlier than originally planned. Local utility providers confirmed the expedited schedule for full power delivery.
Two additional locations will transition to AI operations. Sites in Tydal, Norway and Wenatchee, Washington will handle GPU-intensive computing tasks.
The Norway facility is expected to deliver 164 MW of AI computing capacity by the end of 2026. Bitdeer plans to allocate over 200 MW total for AI computing by year-end 2026.
Mining Performance Shows Growth
Bitdeer’s September mining operations produced 452 Bitcoin, marking a 20.5% increase from August results. The company’s self-mining hashrate climbed to 35 exahashes per second.
Management forecasts reaching 40 EH/s by October’s end. The improvements stem from deploying new SEALMINER A2 and A3 mining equipment.
The company’s total power infrastructure pipeline now spans approximately 3 gigawatts. New capacity has come online in Norway, Bhutan, and Ohio.
“This push is driven by a marked increase in inbound interest in our power assets, which has become a strong catalyst for expanding our efforts,” stated Matt Kong, Bitdeer’s chief business officer. The company identifies persistent supply-demand imbalances in AI computing markets.
Revenue Outlook and Market Position
Bitdeer projects AI operations could generate over $2 billion in annualized revenue under favorable conditions. The company currently generates approximately $8 million in recurring revenue from AI cloud services at 86% GPU utilization.
Wall Street analysts have updated their valuations following the announcement. Cantor Fitzgerald established a $50 price target with an Overweight rating.
Roth Capital maintained its Buy recommendation at $40. BTIG analysts set a $25 price target for the stock.
The wider crypto mining sector has experienced parallel gains. Combined market capitalization for publicly traded miners now exceeds $90 billion, more than doubling August levels.
Marathon Digital closed at $22.84 while Riot Platforms ended trading near $22.13. CleanSpark shares advanced 5.5% to $23.20.
Applied Digital climbed 14% on increased interest in GPU infrastructure investments. Hut 8 and Cipher Mining posted gains between 6% and 8%.
Institutional investment in Bitdeer has increased substantially. Hedge funds have raised their positions by up to 70% in recent quarters.
Bitcoin prices held steady near $110,000 throughout the trading session. The stability has boosted confidence across the mining sector as companies diversify revenue streams.
