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Bitdeer converts Norway Bitcoin mining site to $4.7B AI data center campus
The mining company signed a 16-year lease worth $4.7 billion, with an eight-year extension option bringing total value to $8 billion, to transform its facility into an AI and high-performance computing center.
Bitdeer has signed a 16-year lease agreement worth $4.7 billion to convert its Norway facility into an artificial intelligence and high-performance computing data center, marking a significant expansion beyond Bitcoin mining. The deal with Volta Tydal AS includes an option to extend the contract for another eight years, potentially raising the total contract value to $8 billion.
The new campus in Tydal, Norway will provide 121 megawatts of IT capacity supported by approximately 133 megawatts of total power. It will be powered entirely by renewable hydropower and designed to run advanced NVIDIA GPUs, with Dell Technologies providing the core hardware infrastructure. The facility is expected to achieve a Power Usage Effectiveness rating around 1.1, positioning it among Europe's most energy-efficient AI data centers. Excess heat from the operation will be recycled to support nearby agricultural activities.
Bitdeer retains ownership of the property while collecting lease income under a structure where tenants cover all electricity costs. The company projects an average lease rate of approximately $202 per kilowatt monthly with a projected 90 percent net operating income margin. The announcement boosted Bitdeer's stock by 23 percent. The move follows the company's $36 million investment last month in a Nevada facility to manufacture its own mining hardware.
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