Bitcoin miner Bitdeer acquires Canadian power project for $21.7 million

Bitcoin mining firm Bitdeer has completed a $21.7 million deal to acquire a 101-megawatt power project in Alberta, Canada, as the company continues to scale up its mining operations.

The Nasdaq-listed firm announced on Tuesday that it acquired the site, with permits and licenses, on 19 acres of land near Fox Creek, Alberta. The project has the potential to scale to 1 GW of power, the company said.

Bitdeer noted that it intends to further construct and develop the Alberta power plant, which it aims to energize by the fourth quarter of 2026. 

“This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry,” Bitdeer said in the statement.

“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,” said Haris Basit, chief strategy officer of Bitdeer. 

Headquartered in Singapore, Bitdeer currently has mining operations in the U.S., Norway and Bhutan. As of December, Bitdeer has about 21.6 EH/s of hashing power under management, according to its latest operational update .