Bitcoin Mining Firm Bitdeer announced the acquisition of a power project in Alberta, Canada for $21.7 million. Located on 19 acres of land near Fox Creek, the project has an initial capacity of 101 megawatts and could expand up to 1 gigawatt.
The company plans to develop more power plants with plans to turn them into energy by the fourth quarter of 2026. The acquisition is part of Bitdeer’s strategy to strengthen its mining operations and increase the efficiency of energy use.
Bitdeer’s Chief Strategy Officer, Haris Basit, said the move places the company in positioning it to become a fully vertically integrated Bitcoin miner. He emphasized that the project could help the company manage costs and energy efficiency and reduce production costs for the Bitcoin mining sector.
Bitdeer, listed on the Nasdaq, currently operates mining facilities in the United States, Norway and Bhutan. As of December, the company reportedly manages approximately 21.6 exahash per second of hash power.
The acquisition of the Alberta Project is a key step in Bitdeer’s growth strategy as it seeks to strengthen its presence in the highly competitive cryptocurrency market. The company emphasized that the newly acquired site includes the necessary permissions and licenses, which will encourage development plans.