Bitdeer Confirms 180 MW AI Data Center Deal in Norway
Bitdeer Technologies Group (NASDAQ: BTDR) is making a significant move into artificial intelligence infrastructure, confirming plans to build Norway's largest AI data center. Through its subsidiary, Tydal Data Center AS, the company contracted Data Center Installations AS to develop a facility with 180 megawatts of gross installed capacity. The project, slated for completion by December 2026, will be purpose-built to house Nvidia's next-generation Vera Rubin AI technology.
The transformation is a core part of Bitdeer's global strategy to capitalize on the surging need for AI compute power.
The transformation of our Tydal facility is a cornerstone of Bitdeer's global strategy to meet the explosive demand for AI data centers.
— Haakon Bryhni, Chairman, Tydal Data Center AS.
Miner Pivot Follows First BTC Hashrate Q1 Drop in 6 Years
Bitdeer's pivot is not an isolated event but part of a wider trend reshaping the crypto mining industry. The move is driven by stark economic realities: with Bitcoin production costs nearing $90,000 and the spot price hovering around $67,000, profit margins have turned negative for many operators. This pressure is reflected in network fundamentals, as Bitcoin's hashrate fell approximately 4% in the first quarter of the year—its first Q1 decline in six years.
As a result, publicly listed miners are increasingly allocating capital away from Bitcoin mining and toward high-performance computing and AI infrastructure, which offer more stable and predictable returns. This strategic shift is being funded by debt and sales of existing Bitcoin holdings, reducing reinvestment into mining operations and potentially improving network decentralization as the dominance of large U.S. miners wanes.
Following a Proven Playbook for AI Diversification
The strategy of pivoting from crypto mining to AI has a successful precedent. CoreWeave, which began as an Ethereum miner, transformed itself into a major AI infrastructure provider valued at over $43 billion by leveraging its expertise in managing large-scale GPU operations. This path highlights the potential upside for companies like Bitdeer that can successfully repurpose their infrastructure and operational knowledge for the AI sector.
Other market players, such as Sagtec Global, are also launching their own AI data centers powered by NVIDIA GPUs, confirming that the migration from crypto to AI is becoming a defining industry narrative. For investors, Bitdeer's move represents a clear diversification play, trading the volatility of crypto mining for a stake in the sustained, high-growth AI infrastructure market.
