Bitdeer announced the signing of a 16-year equipment leasing agreement at its Norway facility with Volta Tydal AS worth $4.7 billion. On this news, the mining company's stock price surged by over 12%.
The agreement concerns Bitdeer's site in the Tydal municipality, Norway. This is a facility with a total capacity of 180 MW, being repurposed from cryptocurrency mining to serve the needs of the AI sector.
Under the agreement, Tydal Data Center AS (TDC), a subsidiary of Bitdeer, is obliged to provide 121 MW of power out of a total capacity of 133 MW. The remainder consists of additional campus areas that the company plans to lease out in 2027.
The deal includes an option for an extension of another eight years. In the long term, this is expected to secure Bitdeer total revenues of $8 billion over 24 years.
It also follows from the press release that all 121 MW of computing power will be configured with Nvidia graphics processing units (GPUs) for the needs of a "leading AI laboratory."
Bloomberg reported that this refers to Anthropic. According to the magazine's sources, the company has entered into a $10 billion agreement with Volta Infra Holdings Ltd, the parent organization of Volta Tydal AS.
Thus, the miner Bitdeer has leased out the majority of its campus to Volta Tydal AS. The latter will manage and maintain the infrastructure consisting of Nvidia chips. The ultimate recipient of the computing power is Anthropic.
Amid the news, Bitdeer's stock price jumped from $11.2 to $12.6 — a 12.5% increase.
Like other miners, Bitdeer is actively expanding in the AI field. As noted earlier by the CEO of MARA, one of the largest cryptocurrency mining companies, it is simply more profitable now to spend electricity on computations for AI laboratories.
