Crypto mining firm Bitdeer Technologies’ stock surged nearly 30% on Wednesday to an all-time high of $27, extending a two-day rally fueled by stronger mining output and ambitious AI data‑center plans.
The rally coincided with Bitcoin’s steady hold near $110,000, signaling resilience after recent gains and boosting confidence across the mining sector. The combined market capitalization of listed miners has now exceeded $90 billion — more than double the level recorded in August.
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Mining Output Hits New Records
Bitdeer mined 452 BTC in September, up 20.5% from August, pushing its self‑mining hashrate to 35 exahashes per second. Management expects 40 EH/s by the end of October. These gains follow the rollout of new SEALMINER A2 and A3 rigs, which achieve efficiency below 10 joules per terahash.
“Our expansion is fueled by growing demand for computing power,” said Chief Business Officer Matt Kong. “This has become a strong catalyst for accelerating both our mining and AI initiatives.”
Bitdeer’s total power pipeline has reached around 3 gigawatts, with new capacity online in Norway, Bhutan, and Ohio. Its Clarington, Ohio site will deliver 570 megawatts by late Q3 2026 — nearly a year ahead of schedule.
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AI Data Centers Poised to Transform Growth
The company plans to dedicate over 200 MW of capacity to AI computing by 2026. Management estimates that, in an optimistic scenario, annual AI‑related revenue could exceed $2 billion. Additional conversions in Washington State and Tydal, a region in central Norway, are underway to support GPU‑intensive workloads.
The initiative helps Bitdeer balance cyclical crypto revenues with steady AI service demand. Its AI centers provide flexible capacity for clients in cloud computing, autonomous systems, and large‑scale model training, allowing the company to monetize excess power during Bitcoin downturns.
The broader trend shows miners diversifying into AI hosting as GPU demand surges. Bitdeer’s vertical integration — from ASIC design to self‑mining and data centers — positions it as a “one‑stop” blockchain computing provider. Its AI cloud service generates about $8 million in recurring revenue at 86% GPU utilization.
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Analysts See More Upside Ahead
Wall Street remains optimistic. Cantor Fitzgerald raised its price target to $50 with an Overweight rating, while Roth Capital reaffirmed a Buy at $40. BTIG, a US‑based investment bank, set its target at $25. Institutional holdings have also climbed sharply, with hedge funds boosting stakes by as much as 70% in recent quarters.
Still, the sector faces challenges. Bitcoin’s network hashrate has surpassed one zettahash, pushing difficulty to record highs and lowering hashprice to about $47 per petahash per second. Even so, investors view Bitdeer’s mix of AI expansion and efficient mining as a rare dual‑engine growth story in the digital infrastructure boom.
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Broader Market Rally Among Public Miners
The rally has spread across the mining sector. Marathon Digital closed the day at $22.84, maintaining upward momentum, while Riot Platforms finished near $22.13, reflecting a similar trend. Both stocks are trading near their recent 52-week highs. Meanwhile, CleanSpark advanced 5.5% to settle at $23.20, as analysts pointed to improved cost efficiency and new facility expansions.
Applied Digital, which is also pivoting toward AI data‑center services, climbed 14% amid rising enthusiasm for GPU infrastructure plays. Hut 8 and Cipher Mining posted smaller gains of 6–8%, while Canaan Technologies jumped more than 10% after securing a large order for its Avalon A15 Pro miners.
These parallel gains highlight renewed confidence in vertically integrated miners that combine self‑mining, hardware design, and AI hosting capabilities. With Bitcoin prices stable near record levels and institutional funds rotating into digital infrastructure equities, the mining sector appears poised for a new phase of growth driven by diversification and scale.
The combined market capitalization of major public miners has surpassed $90 billion.
