Bitdeer's $111M Alberta Expansion: A Giant Leap Towards Vertical Integration

Bitdeer, a Bitcoin mining company founded by Jihan Wu, has expanded its operations with the acquisition of a 19-acre site near Fox Creek, Alberta, for $21.7 million. The company has secured a permit for a 101 MW site and plans to build a natural gas power plant and a 99 MW Bitcoin mining data center. The total investment for the power plant is estimated at $90 million, while the data center is expected to cost around $30 million. This strategic move aligns with Bitdeer's goal of becoming a fully integrated mining firm, managing its own infrastructure, power generation, and ASIC chips for efficient Bitcoin mining operations.

In a press release, Haris Basit, chief strategy officer at Bitdeer, expressed excitement about the acquisition, stating that it marks a significant step in the company's strategy to become the first fully vertically integrated Bitcoin miner. This will provide Bitdeer with unmatched control over costs, energy efficiency, and scalability. The site has the capacity to scale up to 1 GW, with energy production costs estimated between $20 to $25 per MW/h. The plant is also licensed for a 99 MW interconnect to the local power grid, allowing Bitdeer to sell power back to the Alberta grid during periods of high demand, further optimizing its operations.

Bitdeer plans to commence site preparation and initial infrastructure development in Q2 2025, with the aim of having the facility fully operational by Q4 2026. This expansion underscores the company's commitment to growing its Bitcoin mining capabilities and solidifying its position in the industry.