Bitdeer's Norwegian AI Deal Pushes Stock Up 23% Amid Shift in Crypto Mining Landscape

Bitdeer's stock surged 23% after its subsidiary Tydal signed a massive AI colocation deal in Norway. The agreement, valued at $4.7 billion over 16 years, includes 121 megawatts of IT capacity with an eight-year renewal option that could lift the contract to around $8 billion.

The deal highlights crypto miners' shift towards high-performance computing to capture adoption and funding for AI infrastructure. Bitdeer's pivot into this space has separated companies with a future from those without, according to analysts.

Norway was chosen due to its cheap, renewable hydropower and cold climate, which slashes cooling costs. The region is also free of local crypto mining tax disadvantages for AI-focused data centers.