Bitdeer to Build Power Plant for Bitcoin Mining after $21 Million Acquisition

Bitdeer (NASDAQ: BTDR) has acquired land and a license for a 101-megawatt (MW) permitted site in Alberta, Canada, for $21.7 million as part of its strategy to become a fully integrated Bitcoin mining firm.

The company announced Tuesday that it acquired a fully licensed power project on 19-acre land near Fox Creek, Alberta, from power company Kiwetinohk Energy. The acquisition enables Bitdeer to build an on-site natural gas power plant with approval for a 99 MW grid interconnection with the Alberta Electric System Operator (AESO).

Bitdeer expects to energize the power plant by Q4 2026 in partnership with an engineering and construction company. Simultaneously, the company plans to develop a 99 MW data center dedicated to Bitcoin mining on the site.

Bitdeer touts this move as a crucial step in becoming the industry’s first fully integrated Bitcoin mining firm, controlling its proprietary ASIC chips, data center infrastructure, and power generation capacity.

According to the company, site preparation and initial infrastructure development are set to begin in Q2 2025, with full energization expected in Q4 2026.

While the land and permit acquisition cost $21.7 million in cash, Bitdeer estimates the natural gas power plant will require an additional $90 million in capital investment. The Bitcoin mining data center infrastructure is projected to cost another $30 million, or $300,000 per megawatt.

As of December 2024, Bitdeer managed 21.7 EH/s of hashing power, including 8.9 EH/s of proprietary hashrate and 12.8 EH/s of hosted hashrate for clients.