Bitcoin mining firm Bitdeer has announced the acquisition of a power project in Alberta, Canada, for $21.7 million. The project, located on 19 acres of land near Fox Creek, has an initial capacity of 101 megawatts and the potential to scale up to 1 gigawatt.

The company intends to further develop the power plant, with plans to energize it by the fourth quarter of 2026. This acquisition is part of Bitdeer's strategy to enhance its mining operations and achieve greater efficiency in energy use.

Haris Basit, Chief Strategy Officer at Bitdeer, stated that this move positions the company to become a fully vertically integrated Bitcoin miner at scale. He emphasized that the project would provide the company control over costs and energy efficiency, potentially leading to lower production costs in the Bitcoin mining sector.

Bitdeer, which is listed on Nasdaq, currently operates mining facilities in the United States, Norway, and Bhutan. As of December, the company reported managing approximately 21.6 exahashes per second (EH/s) of hashing power.

The acquisition of the Alberta project marks a significant step in Bitdeer’s growth strategy, as it seeks to solidify its presence in the competitive cryptocurrency market. The company highlighted that the newly acquired site includes necessary permits and licenses, facilitating its development plans.