Bitcoin mining company Bitdeer have acquired a 101-megawatt site and power project in Alberta, Canada, for $21.7 million. The expansion is said to be a major step in growing their mining operations.
The Nasdaq-listed company has officially sealed the deal for the site, which spans 19 acres near Fox Creek. The purchase includes all the necessary permits and licenses, making it a turnkey investment. The project reportedly has the potential to scale up to 1 gigawatt of power.
The company is believed to be working toward becoming the world’s first fully vertically integrated Bitcoin miner at scale. They’re aiming to power up the Alberta site by the fourth quarter of 2026, with plans to expand and develop it even further. If all goes as planned, this move could give Bitdeer a major edge in the industry, potentially leading to some of the lowest Bitcoin mining production costs out there.
‘First fully vertically integrated Bitcoin mining site’
In a post on X, the blockchain firm wrote: “This will be the industry’s first fully vertically integrated Bitcoin mining site with the control of the land, power generation, electrical & datacenter infrastructure, and using our own self-developed and manufactured Bitcoin mining machines.”
Bitdeer has acquired a fully licensed 101 MW gas-fired power project on 19 acres of land near Fox Creek, Alberta for $21.7M. The site has the potential to scale to 1 GW of power, reflecting Alberta's abundant energy resources, supportive regulatory posture, and pro-business…
— Bitdeer (@BitdeerOfficial) February 5, 2025
Haris Basit, the company’s chief strategy officer, said in a press statement: “This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium.
“It marks 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.”
Regarding the project, Alberta’s Premier, Danielle Smith added: “Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.” Headquartered in Singapore, the company has deployed datacenters in the US, Norway, and Bhutan.
Bitcoin mining is known to cause spikes in energy costs, and in some cases, facilities have been shut down at the request of local residents.
Featured image: Canva
