Bitdeer to convert Norway mining site for $4.7 billion AI deal

Bitdeer Technologies Group has announced plans to convert its Bitcoin mining site in Tydal, Norway, into an AI computing facility. Through its subsidiary, Tydal Data Center AS, the company signed a 16-year colocation lease agreement with Volta Tydal AS valued at approximately $4.7 billion.

The agreement covers 121 megawatts of IT capacity, supported by an estimated 133 gross megawatts. An eight-year renewal option could extend the contract to 24 years, potentially increasing the total value to $8 billion. The facility is expected to utilize NVIDIA GPUs to serve a leading, unnamed AI laboratory, with Dell Technologies acting as the technology provider. The site will be powered by renewable hydropower.

Bitdeer estimates an average annual revenue of $2.4 million per IT megawatt and a net operating income margin of approximately 90%. To support its obligations, Volta is expected to provide roughly $1.3 billion in letters of credit. The project is scheduled to begin operations in two phases, with the first phase targeted for completion by December 31, 2026, and the second by March 31, 2027.