Bitdeer Technologies Group (NASDAQ: BTDR), a tech company for blockchain and high-performance computing, announced the close of the acquisition of a “fully” licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in “an all-cash transaction for $21.7 million.”
The site has potential to scale to “1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.”
The 101 MW gas-fired power project reportedly includes permits and licenses required to construct “an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (AESO).”
Bitdeer will develop and construct the power plant in partnership with a Engineering, Procurement and Construction (EPC) company and “is expected to be energized by Q4 2026.”
Concurrently, the company plans to build “99 MW of datacenter capacity” for Bitcoin mining.
This acquired site and power generation project provides the company an opportunity to become a “fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.”
Some of the key benefits:
- Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
- Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh1, based on current gas prices.
- Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
- Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.
Haris Basit, Chief Strategy Officer at Bitdeer said:
“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. 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.”
Danielle Smith, Premier of Alberta said:
“We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. 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.”
Bitdeer is a technology company for blockchain and “high-performance computing industry.”
Bitdeer is committed to providing “computing solutions” for its customers.
The company handles processes involved in computing such “as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations.”
The company offers cloud capabilities to customers “with high demand for artificial intelligence.”
Headquartered in Singapore, Bitdeer has deployed “datacenters in the United States, Norway, and Bhutan.”