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Bitdeer, a Bitcoin mining firm, announced the acquisition of a 101-megawatt power project in Alberta, Canada, which marks a significant expansion of its operations.
The Nasdaq-listed company completed a $21.7 million deal for the site, which includes permits and licenses on 19 acres of land near Fox Creek, Alberta. The project is poised for growth with the potential to scale to 1 GW of power.
The acquisition is part of Bitdeer’s strategy to scale up its mining operations and become the world’s first fully-vertically integrated Bitcoin miner at scale. The company aims to energize the Alberta power plant by the fourth quarter of 2026, with the intention to further construct and develop the facility. This move is expected to position Bitdeer advantageously in the industry, potentially achieving some of the lowest Bitcoin mining production costs.
Haris Basit, the chief strategy officer of Bitdeer, emphasized the significance of this development in their strategy. He stated, "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."
Bitdeer, headquartered in Singapore, operates mining facilities in various locations, including the U.S., Norway, and Bhutan. As per their latest operational update in December, Bitdeer manages approximately 21.6 EH/s of hashing power.
The firm’s latest acquisition in Canada is expected to enhance its global mining capabilities and contribute to its growth trajectory in the digital asset ecosystem.
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