Shares of cryptocurrency mining company BitDeer Technologies soared nearly 30% to an all-time high of $27 on Wednesday, extending a two-day rally driven by increased mining production and ambitious AI data center plans.
This rally coincided with Bitcoin’s solid run around $110,000, showing resilience after the recent rally and boosting confidence across the mining sector. The market capitalization of listed miners now exceeds $90 billion, more than double the level recorded in August.
sponsored
Mining production reaches new record
Bitdeer mined 452 BTC in September, an increase of 20.5% from August, pushing the self-mining hashrate to 35 exahash per second. Management expects to reach 40 EH/s by the end of October. These gains follow the deployment of the new SEALMINER A2 and A3 rigs, which achieve efficiencies of less than 10 joules per terahash.
“Our expansion is being driven by the increasing demand for computing power,” said Matt Kong, Chief Business Officer. “This has been a powerful catalyst to accelerate both our mining and AI efforts.”
Bitdeer’s total power pipeline totals approximately 3 gigawatts, with new capacity added online in Norway, Bhutan, and Ohio. The Clarington, Ohio, site is expected to deliver 570 megawatts of power by late third quarter 2026, nearly a year ahead of schedule.
sponsored
AI data centers are ready to transform growth
The company plans to put more than 200 MW of capacity into AI computing by 2026. Management estimates that under an optimistic scenario, annual AI-related revenue could exceed $2 billion. Additional transformation is underway in the Tidal region of Washington state and central Norway to support GPU-intensive workloads.
This initiative will help Bitdeer balance cyclical crypto revenue with steady demand for AI services. The company’s AI Center provides clients with flexible capabilities in cloud computing, autonomous systems, and large-scale model training, allowing the company to monetize surplus power during Bitcoin downturns.
A broader trend shows miners diversifying into AI hosting as GPU demand soars. Bitdeer’s vertical integration from ASIC design to self-mining to data centers positions the company as a “one-stop” blockchain computing provider. The company’s AI cloud service generates approximately $8 million in recurring revenue with 86% GPU utilization.
sponsored
Analysts expect further rise in the future
Wall Street remains optimistic. Cantor Fitzgerald raised its price target to $50 with an Overweight rating, and Roth Capital reaffirmed Buy at $40. BTIG, a US-based investment bank, set a target of $25. Institutional investor holdings have also surged, with hedge funds increasing their holdings by up to 70% in recent quarters.
Still, the field faces challenges. Bitcoin’s network hash rate has surpassed 1 zetahash, difficulty has reached an all-time high, and the hash price has fallen to around $47 per petahash/second. Still, investors see Bitdeer’s combination of AI enhancements and efficient mining as a rare dual-engine growth story in the digital infrastructure boom.
sponsored
Broad market rises among public miners
The rise was widespread across the mining sector. Marathon Digital continued its upward momentum to end the day at $22.84, while Riot Platforms reflected a similar trend to close around $22.13. Both stocks have recently traded near 52-week highs. Meanwhile, CleanSpark rose 5.5% to settle at $23.20 as analysts pointed to improved cost efficiencies and new facility expansion.
Applied Digital, which is also pivoting to AI data center services, rose 14% amid growing enthusiasm for its GPU infrastructure efforts. Hut 8 and Cipher Mining posted small gains of 6-8%, while Canaan Technologies rose more than 10% after winning a large order for its Avalon A15 Pro miner.
These parallel achievements highlight a newfound confidence in vertically integrated miners that combine self-mining, hardware design, and AI hosting capabilities. With Bitcoin prices holding steady near record levels and institutional investors moving money into digital infrastructure stocks, the mining sector looks poised to enter a new phase of growth with diversification and scale.
The total market capitalization of the major public miners exceeded $90 billion.
