Bitcoin miners were mixed Wednesday, attempting to continue their rebound after last week's crypto sell-off. Bitdeer Tech led gains after announcing plans to expand its AI and high-performance computing strategy with its September mining update.
Iren reversed from its early surge following two major price target hikes Tuesday and reporting that it closed a $1 billion offering.
Bitdeer Technologies late Tuesday reported that it mined 452 bitcoin in September, up 20.5% from August due to a higher hashrate and bringing online more mining rigs. The company's hashrate, or the computational power to mine bitcoin, hit 35 exahashes per second and is on track to reach 40 EH/s by the end of the month.
Bitdeer said it will continue to deploy mining rigs and retire third-party, older-generation equipment to enhance profitability and fleet efficiency.
The company also plans to "significantly expand" its direct role in the HPC and AI data center market, after letting its letter of intent with a development partner expire in September. Bitdeer initiated design and layout planning for a new data center at its Clarington, Ohio, site, which will be suitable for bitcoin mining and easily convert into an AI data center.
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The full 570 megawatts of power at the site are expected to be available by Q3 2026, and teams anticipate bringing substations online in the first half of 2027.
Bitdeer also plans to convert its 175 MW Tydal Phase 2 site into an AI data center by the end of Q4 2026. It is working on converting its 13MW Wenatchee site into an AI data center, as well.
Meanwhile, Bitdeer is sourcing data center resources in Southeast Asia via rental arrangements or self-built facilities. The miner expects to operate more than 200 MW of IT load for AI computing by the end of next year. Bitdeer said that, ideally, it plans to acquire GPUs for cloud deployment and convert all 200 MW of IT load into an AI factory. That could potentially generate more than $2 billion in annualized revenue run-rate (ARR) by 2026, the company said.
Bitdeer.AI, its neo cloud business, reached $8 million in AI cloud AAR for September from its GPU cloud services. The company expects "significant growth" through the end of the year. Its cloud services has 584 GPUs with an 86% utilization rate, while the remaining were installed at the end of September and are undergoing testing by customers.
Bitdeer expects to fully deploy 1,160 GPUs by the end of the year, and is also looking to secure procurement deals for Nvidia's GB300 and B300 GPUs.
Bitdeer Stock Soars On Mining, AI Update
BTDR stock rallied more than 28% Wednesday, shooting to early January highs.
Bitdeer has trended higher since the start of September, and is now up 19% this year.
Iren Secures $1 Billion Offering, Major Price Hikes
Meanwhile, Iren late Tuesday announced that it closed its $1 billion convertible senior note offering. Iren initially offered $875 million on Oct. 9, but purchasers exercised their option to buy an additional $125 million of the notes due to heightened demand.
The bitcoin miner expects to net $979 million in proceeds from the offering, after deducting purchasers' discounts and commissions. Iren plans to use $56.7 million of the proceeds to fund the cost of capped call transactions (options strategies), with the rest for general corporate purposes and working capital.
Elsewhere, two analysts on Tuesday doubled their price targets on IREN stock. Cantor Fitzgerald raised its price target to 100 from 49, noting that the company has "heavily leaned into" its artificial intelligence cloud services segment over the past several months, The Fly reported. The firm believes that Iren's business will eventually bear a close resemblance to CoreWeave, and expects Iren will entirely focus on its graphics processing unit (GPU) cloud, which should create "more room to run" for shares.
Iren still trades at a 75% discount compared with neocloud peers based on contracted megawatts, Cantor added. Meanwhile, hyperscalers are short on compute, which puts Iren in a unique position given its land, power, access to capital and data center expertise. Cantor kept an overweight rating on the shares.
BTIG on Tuesday noted that there continues to be increasing demand for prompt power by neoclouds and hyperscalers. That should offer opportunities for companies with access to power, like Iren, to secure HPC collocation contracts. BTIG hiked its price target on IREN stock to 75 from 32 and kept a buy rating on the shares.
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IREN reversed to decline 2.3% Wednesday, after surging to extend its record highs in early trade. Shares have vaulted more than 592% so far this year.
Other bitcoin miners also advanced.
Hut 8 swung 8% higher, while Bitfarms gained almost 10%. CleanSpark and Core Scientific both climbed more than 5%.
Bitcoin on Wednesday afternoon traded around $111,350, easing 1.3% over the past 24 hours.
Ethereum declined 3% over the past 24 hours to trade near $3,980.
The price of bitcoin briefly dropped below $109,000 on Friday evening, while ethereum retreated near $3,620 after President Donald Trump threatened additional tariffs on China.
CoinGlass reported that over 1.6 million crypto traders were liquidated on Friday, with over $19.13 billion liquidated from the crypto markets.
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