Crypto mining firm pivots deeper into high-performance computing, targeting $2 billion in annual AI revenue
Bitdeer Technologies (NASDAQ: BTDR) surged as much as 30% on Wednesday after unveiling a major strategic expansion into artificial intelligence (AI) and high-performance computing (HPC) — signaling the company’s growing shift beyond traditional crypto mining.
The Singapore-based mining firm announced plans to develop and manage its own AI data centers, beginning with a large-scale facility in Clarington, Ohio, which will reach its full 570-megawatt (MW) electrical capacity by the third quarter of 2026, nearly a year ahead of schedule.
Bitdeer said its decision to build and control its infrastructure directly reflects rising demand for computational power. The company noted a “sustained imbalance between demand and supply of AI computing capacity,” adding that it expects to deploy more than 200 MW for AI workloads by the end of next year.
In its most optimistic outlook, Bitdeer projects that its AI operations could generate over $2 billion in annualized revenue once its facilities become fully operational.
“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,”
said Matt Kong, Bitdeer’s Chief Business Officer, in a company statement.
Two other Bitdeer sites — Tydal in Norway and Wenatchee, Washington — will also be converted into AI-ready computing hubs, with Tydal slated to support 164 MW of capacity by late 2026.
At its session peak, Bitdeer shares traded above $26, the highest level since January 2025, before settling 26% higher by press time.
The expansion marks another example of crypto miners diversifying into AI infrastructure, as the global race for data center capacity intensifies. Firms such as Bitfarms, IREN, and TeraWulf have similarly repositioned their assets to capitalize on the surging demand for AI computation.
“AI represents the next major frontier for infrastructure efficiency and monetization,” said one market analyst, noting that Bitdeer’s hybrid model could redefine how mining firms evolve in the post-halving era.
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