Bitcoin (BTC) mining company Bitdeer Technologies (BTDR) has purchased a 101-MW gas-fired power plant near Fox Creek, Alberta to help expand its cryptocurrency mining operations.
“We are really excited about planting roots in Alberta, our first site in Canada,” said Haris Basit, chief strategy officer at Bitdeer, in a news release.
The company said that the Alberta power plant gives it greater control over costs, energy efficiency, and scalability.
Bitdeer says it plans to build a 99 MW data centre on the site in Fox Creek, Alberta.
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.
The plant is also licensed for a 99 MW interconnect to the local power grid, and Bitdeer plans to sell power back to the Alberta government to help stabilize prices during peak demand.
“We believe this (Alberta) site will set a new benchmark for industry unit economics,” said Basit.
Alberta is the centre of Canada’s crude oil and natural gas industry, and the provincial government has encouraged cryptocurrency mining in recent years.
Bitdeer says it plans to commence site preparation in the second quarter of this year and plans to have the Bitcoin mine fully operational by the end of 2026.
Headquartered in Singapore, Bitdeer’s stock has risen 144% over the last 12 months to trade at $16.89 U.S. per share.
Bitcoin is currently trading at $98,300 U.S. per digital token.
