Shares of Bitdeer Technologies (BTDR) jumped 10.3% to $12.39 on September 18 after the Singapore-based company reported a blowout month of Bitcoin mining — and signaled that its bigger play is renting out data-center space for artificial intelligence.

  • Mining Output Nearly Quadrupled From a Year Ago, but the Easy Comparisons Are Fading. Bitdeer mined 1,310 BTC in August, up 249% year over year, with self-mining computing power reaching roughly 79.9 EH/s. That sounds enormous, but context matters: July production was 1,190 BTC, up 322% year over year , and June was 990 BTC, up 388%. The year-over-year percentage is shrinking because the base period is catching up. Monthly output is still climbing — from 661 BTC in March to 1,310 in August — but investors should watch whether the growth rate can hold once last year's ramp-up enters the comparison window.

  • Bitcoin's Price Provides a Tailwind — for Now. Bitcoin traded near $80,335 on September 18, up roughly 5% in 24 hours. At that price, 1,310 BTC is worth about $105 million in gross monthly mining revenue before electricity and other costs. But Bitcoin remains roughly 37% below its October 2025 record, and the Fed's decision to raise rates for the first time in three years could weigh on risk assets. Mining profitability lives and dies with the coin price, and that price remains volatile.

  • The Real Story Is the AI Pivot — and Whether It Pays Off. In August, Bitdeer signed a 16-year, $4.7 billion colocation lease in Tydal, Norway, covering 121 megawatts of computing power for a major AI lab, with a renewal option that could push total value to $8 billion.

Management expects an operating-income margin of about 90% on that deal. Meanwhile, AI cloud recurring revenue reached roughly $86 million annualized in August, up from about $76 million in July. These contracts offer steadier, longer-duration cash flows than mining — but the tenant can walk away without penalty after 10 years , and Bitdeer still carries large losses, rising debt, and severely negative free cash flow.

  • The Stock Is Cheap for a Reason. At $12.39, Bitdeer trades well below its 2025 highs. The company is spending aggressively — building out facilities in Norway, Malaysia, Canada, and Nevada — while burning cash. If Bitcoin cooperates and the AI leases perform, the upside is substantial. If either falters, the balance sheet becomes the headline.