A BITCOIN MINER ANNOUNCED 65 MEGAWATTS AND NEVER SAID MINING

Bitdeer trades on the Nasdaq as BTDR. It is a bitcoin miner. On September 14 it announced it had secured a 65.1 megawatt facility at its Johor campus in Malaysia, bringing its committed AI Cloud footprint to roughly 206.5 megawatts across Malaysia, Norway and the United States, with an active pipeline over $7 billion.

Read the release looking for the word mining. It is not there.

Not as a comparison, not as the business being expanded from, not as the thing the power was originally bought for. A company whose name is a mining company’s name put out a capital announcement in which bitcoin does not appear.

The chief financial officer, Michael G. Potter, said the signal from customers is unambiguous, and that demand for liquid-cooled rack-scale AI capacity in 2027 is running well ahead of what the market can supply. The facility energizes in the third quarter of 2027. The chips named are Nvidia’s GB300 NVL72 and Vera Rubin platforms.

Two things are worth separating here. Bitdeer is not shutting down its mining business, and nothing in this release says it is. But a company tells you what it thinks it is by what it puts in a press release, and this one is written for people who buy compute, not for people who hold bitcoin.

The same day, CoinShares put the average ex-tax cash cost for listed miners at roughly $75,500 a coin against a price in the $77,000s. Bitdeer is not making an ideological decision. It is reading the same spread everyone else is reading, and it owns the power either way.