Bitdeer has secured a colocation lease for a 225-megawatt AI data center in Norway. The deal marks a strategic shift for the crypto mining company toward high-performance computing, a move that could diversify its revenue streams and reduce its reliance on volatile cryptocurrency markets.
The Norway deal
The lease covers a 225MW facility in Norway, a country known for its abundant hydropower and relatively low electricity costs. Bitdeer will colocate its hardware at the site, which is designed to support AI workloads rather than bitcoin mining. The company did not disclose the landlord or the financial terms of the agreement.
Why AI data centers
Bitdeer has been exploring ways to repurpose its mining infrastructure for AI and machine learning. The colocation lease gives it access to a facility built for the power density and cooling requirements of AI servers, without the upfront capital expenditure of building from scratch. The shift lets Bitdeer tap into a growing market for compute capacity, which has seen surging demand from AI startups and cloud providers.
The move reduces Bitdeer's exposure to the boom-and-bust cycles of cryptocurrency. Mining revenue has been under pressure this year from lower bitcoin prices and rising network difficulty. By leasing out space for AI workloads, the company can lock in more predictable, long-term revenue from colocation fees. It also positions Bitdeer to compete with other crypto miners that have pivoted to AI, such as Hive Digital Technologies and Hut 8.
Next steps
Bitdeer hasn't said when the Norwegian data center will go live or how much of the 225MW capacity it plans to use initially. The company is expected to provide more details in its next earnings report. For now, the lease is signed — and the pivot is underway.
