Bitdeer Buys Land in Canada for Huge Bitcoin Mining Operation

Bitdeer has scaled its operations by buying a 19-acre site near Fox Creek in Alberta, Canada, for $21.7 million. The acquisition includes the rights to build a natural gas-powered plant and a Bitcoin mining data center, making it a big move for the Nasdaq-listed firm as it works to strengthen its energy control and operational capacity.

The newly acquired land will house a 101-megawatt power project, with construction set to begin in Q2 2025. Bitdeer has already obtained the necessary permits and licenses for the site, which has room for future growth. The company hints at the possibility of expanding up to 1 gigawatt (GW) of power.

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However, the natural gas power plant is expected to cost an additional $90 million. Bitdeer intends to work alongside an engineering and construction firm to develop the plant, with power expected to flow by Q4 2026. This expansion will provide power for its mining operations and reduce its reliance on external energy sources, leading to more efficient operations.

Bitdeer’s New Bitcoin Mining Data Center

In addition to the power plant, Bitdeer plans to build a 99 MW Bitcoin mining data center on the site. The data center is expected to cost $30 million, or about $300,000 per megawatt.

This project is part of the company’s goal of controlling its own energy generation, data center infrastructure, and proprietary ASIC chip production as a fully integrated Bitcoin mining operation. This fully integrated model is expected to provide cost advantages and help scale up the company’s future growth.

Bitdeer’s Current Operations and Future Plans

As of December 2024, Bitdeer operated with 21.7 exahash per second (EH/s) of hashrate, which includes 8.9 EH/s of proprietary hashrate and 12.8 EH/s of hosted hashrate for clients.

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With the new project in Alberta, the company intends to further strengthen its position in the Bitcoin mining industry by cutting energy costs and getting more control over its mining process.