Bitdeer Converts Norway Mining Site Under $4.7 Billion AI Data Center Deal

Bitdeer plans to convert its Tydal, Norway, site from Bitcoin (BTC) mining to AI computing under a 16-year lease and services agreement valued at about $4.7 billion over its base term.

The agreement with Volta Tydal AS covers 121 megawatts of IT capacity, supported by an estimated 133 gross megawatts. An eight-year renewal option could extend the term to 24 years and increase the potential value to about $8 billion.

Bitdeer expects an average payment of about $202 per kilowatt per month during the first 16 years. Volta will reimburse electricity costs, and the agreements include annual increases of 3%. Bitdeer estimates average annual revenue of $2.4 million per IT megawatt and a net operating income margin of about 90%.

Volta has a no-fee termination right after 10 years. Its obligations are expected to be supported by about $1.3 billion in letters of credit, subject to customary conditions. Bitdeer can terminate if Volta misses certain credit-support milestones.

The planned facility will use NVIDIA GPUs for an unnamed leading AI lab, with Dell Technologies serving as the technology provider. The site’s power comes from renewable hydropower.

Bitdeer targets the start of operations in two phases: Dec. 31, 2026, and March 31, 2027. The company estimates about $500 million in remaining capital expenditures for the project.

The Tydal project is part of Bitdeer’s broader effort to build AI infrastructure alongside its Bitcoin mining business. The company’s stated operating dates and spending figure are targets and estimates.