Bitdeer Acquires $21.7M Worth of Land in Canada for Large-Scale Bitcoin Mining
Bitdeer acquired a Canadian land parcel and license to build a natural gas power plant and Bitcoin mining data center, aiming for full operational integration and industry leadership.
Bitdeer, a leading Bitcoin mining company, has taken a significant step towards achieving its goal of becoming the industry’s first fully integrated Bitcoin mining firm.
The company has acquired a 19-acre land parcel and a license for a 101-megawatt (MW) permitted site in Alberta, Canada, for the sum of $21.7 million. The strategic move enables Bitdeer to build an on-site natural gas power plant and a dedicated Bitcoin mining data center, solidifying its position as a major player in the cryptocurrency mining industry.
Mining Land Acquisition and Partnership
The acquisition was made from Kiwetinohk Energy, a power company that owned the land and license. Bitdeer has obtained approval for a 99 MW grid interconnection with the Alberta Electric System Operator (AESO), allowing the company to energize the power plant by Q4 2026. Bitdeer has partnered with an engineering and construction company to develop the power plant and data center infrastructure in order to achieve its goal.
Moreover, Bitdeer’s vision is to become a fully integrated Bitcoin mining firm, controlling its proprietary ASIC chips, data center infrastructure, and power generation capacity. The company believes that thisl integration will enable it to optimize its operations, reduce costs, and increase efficiency.
By generating its own power and hosting its own data centers, the company aims to minimize its reliance on third-party providers and mitigate potential risks associated with power outages or data center downtime.
Bitdeer Bitcoin Mining Investment
The acquisition of the land and permit cost Bitdeer $21.7 million in cash. However, the company estimates that the natural gas power plant will require an additional $90 million in capital investment.
Furthermore, the Bitcoin mining data center infrastructure will cost an additional $30 million, or $300,000 per megawatt. Site preparation and initial infrastructure development will begin in Q2 2025, and full energization should occur in Q4 2026.
Bitdeer managed 21.7 EH/s of hashing power, including 8.9 EH/s of proprietary hashrate and 12.8 EH/s of hosted hashrate for clients as of December 2024. The company’s significant hashrate and mining operations make it a major player in the Bitcoin mining industry. Bitdeer pose to further increase its hashrate and solidify its position as a leading Bitcoin mining firm with its new power plant and data center infrastructure.
