Prime Highlights:
Bitdeer acquired a 101 MW gas-fired power plant near Fox Creek, Alberta, for $21.7 million.
The plant will be used for Bitcoin mining operations, marking Bitdeer’s first site in Canada.
This acquisition supports Bitdeer’s strategy to become the first fully vertically integrated Bitcoin miner, enhancing control over costs, energy efficiency, and scalability.
Key Background:
Bitdeer, a leading Bitcoin (BTC) mining company, has announced the acquisition of a 101-megawatt (MW) gas-fired power plant near Fox Creek, Alberta, in a cash deal valued at $21.7 million. This strategic purchase marks a significant milestone in Bitdeer’s expansion and aligns with the company’s broader goal of becoming the first fully vertically integrated Bitcoin miner. The newly acquired power plant will serve as the foundation for Bitdeer’s BTC mining operations in Canada, a key step in reducing energy costs and enhancing operational efficiency.
According to Haris Basit, Chief Strategy Officer at Bitdeer, the acquisition represents the company’s first site in Canada and is a result of extensive collaboration with various government agencies and the Canadian Blockchain Consortium. The move underscores Bitdeer’s commitment to ensuring greater control over energy costs, operational scalability, and overall mining efficiency. “This acquisition is a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Basit.
The facility’s energy production costs are projected to be between $20 and $25 per megawatt-hour (MW/h), positioning Bitdeer to achieve some of the lowest operating costs in the BTC mining industry. In addition, the plant has been licensed for a 99 MW interconnection to the local power grid, with plans to sell excess power back to Alberta’s grid to help stabilize electricity prices during high-demand periods.
Bitdeer plans to develop a 99 MW data center on the site, with the potential to scale up to 1 gigawatt (GW). The company is targeting the commencement of site preparation and infrastructure development in the second quarter of 2025, with a full operational launch slated for the fourth quarter of 2026. Through this acquisition, Bitdeer aims to set a new benchmark for unit economics in the Bitcoin mining industry.
