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Bitzero and OneQode Sign Binding Letter for 110MW, 15-Year Lease for AI Deployment at Norway site

Bitzero Secures $2.6B AI Lease as Mining Pivot Accelerates

By The Northwire Desk — AI Analysis May 05, 2026 · 12:46 BITZ · 2.52

Executive Summary

Headline: Bitzero and OneQode Sign Binding Letter for 110MW, 15-Year Lease for AI Deployment at Norway site
Date: May 5, 2026
Core Announcement: Bitzero Holdings Inc. has signed a binding letter of intent with OneQode Networks Pte. Ltd. to lease 110MW of capacity at its Namsskogan, Norway data center for 15 years.
Financial Projection: The agreement is projected to generate approximately US$2.6 billion in total revenue over the lease lifetime (excluding escalation and power costs). Implied annual net operating income margin is estimated at 85% ($151 million/year).
Timeline: Initial commissioning targeted for H1 2027.
Conditions: Finalization is subject to due diligence, design agreement, consents, and execution of definitive documents.
Context: This follows April 2026 updates where management stated they were actively seeking a committed lease customer for the entire 110MW site.

Material Impact

Revenue Visibility: The news transforms the Norway asset from a speculative development project into a revenue-generating contract with 15-year visibility. This significantly de-risks the valuation of the Namsskogan site compared to pure Bitcoin mining exposure.
Business Model Shift: Confirms the strategic pivot announced in January 2026 (partnerships with Hydra Host/CBRE) from primarily Bitcoin mining to high-performance computing (HPC) and AI infrastructure leasing.
Scale Relative to History: In October 2025, Bitzero reported gross profits of ~$71,034 per day (~$25 million annualized). The implied $151 million/year NOI from this single lease represents a >6x increase in potential profitability for the Norway asset alone.
Execution Risk: While positive, the "Binding Letter" status means definitive agreements are not yet signed. Conditions include technical and financial due diligence. There is a risk of renegotiation or termination before final execution.
Capital Requirements: The company must still fund construction and commissioning to reach H1 2027 operational status. This news does not immediately solve near-term liquidity needs for capex, though it improves long-term creditworthiness.

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Company Overview

Overview: Bitzero Holdings Inc. is a digital infrastructure company focused on Bitcoin mining and AI compute deployment in Scandinavia and North America.
Flagship Project (Norway): Namsskogan site, currently expanding to 110MW capacity. Powered by hydroelectric energy. Now secured with a 15-year lease for AI workloads.
Secondary Project (Finland): Kokemaki site, targeting up to 1GW total capacity. Phase I construction commenced Dec 2025. Power expected Q1 2027.
Mining Operations: Operates mining facilities with low energy costs (~$0.03-$0.04/kWh). Hashrate grew from ~1.76 EH/s (Sep 2025) to ~2.80 EH/s (Jan 2026).

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