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BTC Bitcoin mining company Bitdeer has signed a 16-year lease agreement worth up to US$4.7 billion to gain access to artificial intelligence and high-performance computing data center capacity, highlighting the fact that cryptocurrency miners are increasingly expanding into artificial intelligence infrastructure as computing needs grow.
Under the agreement, Bitfawn will provide 121 MW of information technology capacity at its AI data center in Tedar, Norway, to a tenant that the company only disclosed as a subsidiary of Volta Infra. The facility will be configured to support artificial intelligence workloads based on Nvidia GPUs, but Bitfau did not disclose the identity of the tenant or whether Volta was an end customer or a middleman. Bloomberg News quoted people familiar with the matter as saying that the Nvidia-backed Volta company's $10 billion cloud contract was signed with Anthropic.
The company stated that the lease still needs to meet customary transaction conditions and has not yet taken effect. To ensure tenants meet their payment obligations, JPMorgan affiliates and another unnamed global financial institution are expected to issue approximately US$1.3 billion in letters of credit or bank guarantees to allow landlords to recover funds if tenants fail to meet contractual payment obligations.
After the news was announced, Bit Deer's share price rose about 8% in early trading on Nasdaq, indicating that investors welcomed the company's continued expansion of artificial intelligence infrastructure and data center businesses.
Shares of Bitfawn Technology Group (BTDR) rose sharply on Tuesday.
Bitfau has been steadily expanding beyond its core Bitcoin mining business to expand revenue streams. While moving into artificial intelligence and high-performance computing infrastructure, the company has also expanded its mining hardware manufacturing business to reduce its reliance on third-party suppliers. Last month, Bitfawn announced a $36 million investment to build a manufacturing plant in Nevada to support the strategy.
Bitfau has adopted a different strategy from many of its listed mining peers, realizing all of its Bitcoin reserves. In early February, the company held approximately 943 bitcoins, then announced that it would reduce its holdings to zero, while saying it remained committed to the Bitcoin ecosystem. According to Bitfawn executive Ross Gann, the sales are to help the company implement a broader expansion strategy, including acquiring electrified land for artificial intelligence and Bitcoin mining infrastructure.
In contrast, several major Bitcoin miners still hold large reserves of Bitcoin. According to BitcoinTreasuries.NET, MARA Holdings, Riot Platforms, CleanSpark and Hut8 each hold at least 10,000 bitcoins, of which MARA holds more than 36,000.
