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Bitdeer Buys 101 MW Gas Power Plant in Alberta, Canada for BTC Mining
The $21.7 million cash deal would give BitDeer the ability to mine BTC at some of the lowest costs in the industry.
Feb 5, 2025, 4:21 a.m.
What to know:
- Bitdeer has acquired 101 MW natural glass plant in Alberta for $21.7M.
- The company plans to use it for BTC mining, with the possibility to expand up to 1 GW.
mining company Bitdeer announced today that it had acquired a 101-MW gas-fired power plant near Fox Creek, Alberta, to build a "vertically integrated" BTC mining operation.
“We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium," Haris Basit, chief strategy officer at Bitdeer, said in a press release. "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."
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Bitdeer says they plan to build out a 99 MW datacenter on the site. The site has the capacity to scale to 1 GW. Energy production costs for the facility will be between $20 to $25 per MW/h.
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The plant is also licensed for a 99 MW interconnect to the local power grid, and Bitdeer said it plans to sell power back to the Alberta grid to stabilize prices during periods of high demand.
"By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics," Basit added.
Bitdeer says it plans to commence site preparation and initial infrastructure development in Q2 2025 and have it fully operational in Q4 2026.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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