Bitdeer expands AI infrastructure with long-term $4.7B data center lease
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitdeer, a Bitcoin mining company, has signed a 16-year lease valued up to $4.7 billion for AI and high-performance computing data center capacity in Tydal, Norway. The lease covers 121 megawatts of IT capacity and is intended to support Nvidia GPU-based AI workloads. The tenant is identified only as a subsidiary of Volta Infra, with Bloomberg reporting that Volta has a $10 billion cloud contract with Anthropic. The lease is pending customary closing conditions and includes financial guarantees from JP Morgan and another institution.
Why it matters
This development highlights a growing trend of crypto miners diversifying into AI infrastructure to meet increasing demand for computing power. Bitdeer’s expansion into AI data centers signals a strategic shift from traditional Bitcoin mining, which may influence market perceptions and investor interest, as evidenced by a roughly 8% increase in Bitdeer’s shares following the announcement.
Key context
Bitdeer has been diversifying beyond Bitcoin mining by investing in AI and high-performance computing infrastructure and expanding its hardware manufacturing to reduce supplier reliance. Recently, it committed $36 million to a manufacturing facility in Nevada. Unlike many mining peers that hold large Bitcoin reserves, Bitdeer sold its entire Bitcoin treasury to fund its broader expansion efforts, including acquiring land for AI and mining infrastructure.
Key numbers and entities
The lease is valued at $4.7 billion over 16 years for 121 megawatts of AI data center capacity. The facility supports Nvidia GPUs. The tenant is a subsidiary of Volta Infra, which reportedly has a $10 billion cloud deal with Anthropic. Financial backing includes approximately $1.3 billion in letters of credit from JP Morgan and an unnamed global financial institution. Bitdeer Technologies Group trades under the ticker BTDR. Bitdeer previously held about 943 BTC before fully liquidating its holdings in early February. Major miners like MARA Holdings hold over 36,000 BTC.
What remains unclear
Bitdeer has not disclosed whether Volta is the end customer or an intermediary for the lease. The identity of the other financial institution providing guarantees is not revealed. The lease is not yet effective, pending customary closing conditions. The source does not flag further open questions.