Bitcoin miner Bitdeer acquires $21.7m power plant in Canada

The Bitcoin Bitdeer extraction company has acquired 19 acres of land in Alberta, Canada, for $ 21.7 million. The power station could evolve up to 1 GW of power.

In a press releaseTHE Singapore– Bitcoin based onBTC) The mining company announced that it had successfully concluded an acquisition agreement for a 101 MW site and a gas electricity project located near Fox Creek, Alberta, Canada worth $ 21.7 million.

According to Bitdeer, the site is entirely under license and already includes the permits necessary to build a natural gas power plant on site. In addition, Bitdeer has also received approval to build an interconnection network of 99 megawatts with an Alberta electric system operator worth around $ 30 million or $ 300,000 per MW. The 99 MW grid of the Datacenter capacity will be used to extract more bitcoin.

The site is delivered with a projected energy production cost of around $ 20 to $ 25 per MWh, according to current gas prices.

In partnership with engineering, supply and construction or EPC Company, Bitdeer plans to develop and build a power plant which will be ready and energized by the fourth quarter of 2026. In addition, Bitdeer will be authorized to deploy 9 Eh / s of his sealmin A3 seal operating machines once the development on the site is finished.

Bitdeer also plans to sell energy to the Alberta network to stabilize gas prices during periods with high demand, which, according to her, can optimize operational costs.

Bitdeer’s strategy director Haris Basit said the agreement is the first acquisition of the Bitdeer site in Canada. The company has previously acquired Mining sites in the United States, Bhutan and Norway.

“It marks an important step in our strategy to become the first fully integrated Bitcoin minor, giving us unequaled control over costs, energy efficiency and scalability,” said Basit in a press release.

As part of the agreement, Bitdeer will deploy a carbon use system that captures CO2 on the site, making it a zero net carbon producer project. This is intended to compensate for the carbon tax of Canada and potentially generate income thanks to carbon credits.

The Prime Minister of Alberta, Danielle Smith, welcomes the Bitcoin extraction project and encourages other companies to come in Alberta if they want to “do business and have a plan to bring your own power”.

“Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only around the country, but around the world,” said Smith.

According to HC Wainwright analysts, Bitcoin minors experienced significant growth in the last quarter of 2024 after Bitcoin crossed $ 100,000 for the first time. The increase in Bitcoin prices later increased mining activity, BTC production, an increase of 16.4% on a quarterly basis to a quarter while transaction costs increased by 59.4%.