Bitdeer is making one of its biggest moves beyond Bitcoin mining. The company has signed a 16-year, $4.7 billion lease agreement to turn its Norway facility into a large artificial intelligence (AI) and high-performance computing (HPC) data center.
The deal also pushed Bitdeer’s stock up by 23%, showing strong investor confidence in its new AI strategy.
Bitdeer has signed a long term agreement with Volta Tydal AS to develop an AI and HPC campus in Tydal, Norway. Instead of using the site mainly for Bitcoin mining, the company will now support AI computing by providing data center space powered by renewable energy.
The agreement is worth about $4.7 billion over the first 16 years. If Volta extends the contract for another eight years, the total value could reach $8 billion.
Bitdeer will continue to own the property while earning steady income from the lease.
Chief Financial Officer Michael G. Potter said,
“This agreement is a key milestone in Bitdeer’s evolution as a global AI infrastructure platform.”
He added that the project will help bring large-scale AI infrastructure to both Norway and Europe.
This came after the company last month announced a $36 million investment in a new Nevada facility to produce its own mining hardware instead of depending on outside suppliers.
The new campus will have 121 megawatts (MW) of IT capacity, supported by around 133 MW of total power.
The facility is being designed to run advanced NVIDIA GPUs, while Dell Technologies will provide the main hardware infrastructure.
The campus will operate using 100% renewable hydropower from Norway. It is also expected to achieve a Power Usage Effectiveness (PUE) of around 1.1, making it one of Europe’s most energy-efficient AI data centers.
The project will also recycle excess heat from the data center to support nearby agricultural operations.
Construction will happen in two phases.
The financial structure gives Bitdeer long term income with limited risk. The company expects an average lease rate of about $202 per kilowatt each month and projects a 90% net operating income margin. Electricity costs will be paid by the tenant.
Volta’s financial commitments are backed by about $1.3 billion in letters of credit arranged through J.P. Morgan and another major global financial institution.
Volta recently came out of stealth mode with a $2.4 billion valuation and support from investors including Andreessen Horowitz (a16z), NVIDIA, Altimeter, and Azora.
Industry experts see the agreement as another sign that Bitcoin mining companies are expanding into AI infrastructure, where long term contracts can provide more stable revenue than mining alone.
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