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Bitdeer has signed a 16-year statement to supply 121 megawatts of AI computing capableness astatine its Tydal field successful Norway. The declaration could make arsenic overmuch arsenic $8 cardinal if an eight-year hold is exercised.
Key Takeaways
- Bitdeer signed a 16-year, $4.7B AI woody for 121MW astatine Norway’s Tydal campus.
- Bitdeer shares jumped 12% arsenic miners displacement powerfulness assets toward longer-term AI revenue.
- Tydal’s archetypal signifier is owed by Dec. 31, 2026, with $500M much needed to decorativeness the build.
Bitdeer Secures 121 MW AI Contract astatine Norway Campus
Bitdeer Technologies shares surged 12% connected Tuesday, Aug. 4, aft the bitcoin miner turned AI infrastructure supplier announced a semipermanent information halfway statement valued astatine astir $4.7 billion.
The company’s Norwegian subsidiary, Tydal Data Center AS, signed a colocation and services contract with Volta Tydal AS. Volta is portion of an Nvidia Cloud Partner that volition supply the capableness to an unnamed starring AI laboratory.
The task volition present 121 megawatts of IT capacity, supported by astir 133 MW of full power. All of the contracted computing load volition beryllium configured for Nvidia graphics processing units, with Dell Technologies serving arsenic the instrumentality provider.
The archetypal statement runs for 16 years. An eight-year renewal enactment could assistance the full declaration worth to astir $8 cardinal implicit 24 years. However, the tenant has the close to extremity the statement without a interest aft 10 years.
Renewable Power Anchors Norway Expansion
Bitdeer expects the Tydal field to go 1 of Norway’s largest AI information centers. The installation volition tally wholly connected renewable energy, including section hydropower, and is designed to execute a powerfulness usage effectiveness ratio of astir 1.1.
“This statement is simply a cardinal milestone successful Bitdeer’s improvement arsenic a planetary AI infrastructure platform,” Chief Financial Officer Michael Potter said.
The field volition beryllium delivered successful 2 adjacent phases crossed 4 information halls. The archetypal signifier is scheduled to statesman operations by Dec. 31, 2026, followed by the 2nd connected March 31, 2027.
Bitdeer is besides processing 2 further halls with 47 MW of gross capableness for aboriginal AI and high-performance computing workloads during the 2nd fractional of 2027.
Contract Offers High Margins but Requires More Capital
The lease carries an mean outgo of astir $202 per kilowatt each period implicit the archetypal term. Electricity costs volition beryllium reimbursed by the tenant, portion lease and services payments volition emergence 3% annually.
Bitdeer expects mean yearly gross of $2.4 cardinal per IT megawatt and a nett operating income borderline of astir 90%.
Volta’s obligations are expected to beryllium supported by astir $1.3 cardinal successful letters of recognition arranged by affiliates of JPMorgan and different large fiscal institution. Bitdeer tin terminate the statement if required recognition milestones are not met.
The institution estimates that different $500 cardinal is needed to implicit the project. It plans to rise indebtedness to concern operation and enactment further AI developments.
The statement strengthens Bitdeer’s displacement beyond bitcoin mining. As request for electricity-intensive AI computing grows, miners with secured powerfulness and information halfway sites are progressively seeking longer and much predictable infrastructure revenue.
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