Bitdeer Expands Bitcoin Mining with Alberta Power Plant Acquisition

Bitdeer Technologies (BTDR), a Singapore-based Bitcoin mining company, has announced the acquisition of a 101-MW gas-fired power plant in Alberta, Canada. This strategic move aims to expand the company's cryptocurrency mining operations and gain greater control over costs, energy efficiency, and scalability.

Haris Basit, chief strategy officer of Bitdeer, expressed excitement about the company's first site in Canada, stating, "We are really excited about planting roots in Alberta." The Alberta power plant is expected to provide energy production costs between $20 to $25 per MW/h, which is competitive in the industry.

The plant is also licensed for a 99 MW interconnect to the local power grid, allowing Bitdeer to sell power back to the Alberta government during peak demand periods. This arrangement is expected to help stabilize energy prices and set a new benchmark for industry unit economics, according to Basit.

Alberta, the center of Canada's crude oil and natural gas industry, has been encouraging crypto mining in recent years. Bitdeer plans to commence site preparation in the second quarter of this year and aims to have the Bitcoin mining facility fully operational by late 2026.

Bitdeer's stock has experienced a significant increase of 140% over the last 12 months, reflecting the company's growth and expansion in the cryptocurrency mining sector. Bitcoin is currently trading at $97,600.

The consensus among Wall Street analysts is a Strong Buy rating for Bitdeer Technologies' stock, with 10 Buy recommendations issued in the last three months. The average price target of $25.45 implies a potential upside of 57.39% from current levels.