Bitcoin Mining firm Bitdeer Technologies ( BTDR ) surged as much as 30% on Wednesday after announcing new steps 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 instead of relying on outside partners, starting with its facility in Clarington, Ohio. Bitdeer said the local utility confirmed that all 570 megawatts (MW) of electrical 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 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 firm expects to deploy over 200 MW of AI computing by the end of next year. In an optimistic scenario, Bitdeer said its AI operations could generate more than $2 billion in annual revenue.
“This push is driven by a significant increase in inbound interest in our streaming assets, which has become a strong catalyst for expanding our efforts,” Matt Kong, chief business officer at Bitdeer, said in a statement.
The company’s shares rose as much as 30% in the early minutes of Wednesday’s session, trading above $26 for the first time since early January. They were 26% higher at press time.
Bitdeer’s development fits into a broader trend of cryptomining companies pivoting to repurpose their computing power for the rapidly growing AI demand. Miners like Bitfarms, IREN, TeraWulf have been investor favorites as proxy bets on AI infrastructure and optimism that they would land lucrative data center hosting deals.
Read more: Bitcoin Miner Shares Continue to Rise, with BlackRock, Nvidia, Microsoft Joining $40B AI Data Center Bet
