Key Points
- Bitcoin mining company Bitdeer has purchased 19 acres of land in Alberta, Canada for a new power plant.
- The plant, capable of scaling up to 1 GW of power, is part of Bitdeer’s plan to become a fully vertically integrated Bitcoin miner.
Bitdeer, a prominent Bitcoin mining company, has procured a 19-acre plot in Alberta, Canada. The land, which cost $21.7 million, will be the site of a new power plant.
Details of the Acquisition
The Singapore-based mining firm revealed in a press release that it successfully completed the acquisition of a 101 MW site and gas-fired power project near Fox Creek, Alberta. The site, which already has the necessary permits for an on-site natural gas power plant, cost Bitdeer $21.7 million.
The company also received approval for a 99 megawatt interconnection grid with the Alberta Electric System Operator. This grid, which will cost around $30 million, will be used to mine additional Bitcoin.
Future Plans
Bitdeer plans to develop and build a power plant in partnership with an Engineering, Procurement and Construction (EPC) Company. The power plant is expected to be operational by the fourth quarter of 2026. Upon completion, Bitdeer will be able to deploy 9 EH/s of its SEALMINER A3 mining machines.
The company also intends to sell power back to the Alberta grid during periods of high demand to stabilize gas prices and reduce operational costs.
Haris Basit, Chief Strategy Officer at Bitdeer, stated that this acquisition is the company’s first in Canada. Bitdeer has previously acquired mining sites in the U.S., Bhutan, and Norway.
Bitdeer aims to become the first fully vertically integrated Bitcoin miner, which would give it control over costs, energy efficiency, and scalability. As part of this strategy, it will deploy a carbon utilization system on the site to capture CO2, making it a net zero carbon producer project.
Alberta’s Premier, Danielle Smith, expressed her support for the project and encouraged other firms to consider Alberta for their operations.
Bitcoin miners experienced significant growth in the last quarter of 2024, according to H.C. Wainwright analysts. This growth was driven by Bitcoin prices crossing $100,000 for the first time, which led to a 16.4% increase in BTC production and a 59.4% surge in transaction fees.