Bitcoin (BTC) mining company Bitdeer Technologies (BTDR) has purchased a 101-MW gas-fired power plant in Alberta, Canada to help expand its cryptocurrency mining operations.
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“We are really excited about planting roots in Alberta, our first site in Canada,” said Haris Basit, chief strategy officer of Singapore-based Bitdeer, in a news release. The company said that the Alberta power plant gives it greater control over costs, energy efficiency, and scalability.
Bitdeer says it plans to build a 99 MW data center on the site located in Fox Creek, Alberta. The site has the capacity to scale to 1 GW. Energy production costs for the facility will be between $20 to $25 per MW/h, according to the Bitcoin miner.
Economies of Scale
The plant is also licensed for a 99 MW interconnect to the local power grid, and Bitdeer said it plans to sell power back to the Alberta government to help stabilize prices during peak demand. “We believe this (Alberta) site will set a new benchmark for industry unit economics,” said Basit.
Alberta is the center of Canada’s crude oil and natural gas industry, and the provincial government has encouraged crypto mining in recent years. Bitdeer says it plans to commence site preparation in the second quarter of this year and plans to have the Bitcoin mining facility fully operational by late 2026.
Bitdeer’s stock has risen 140% over the last 12 months. Bitcoin is currently trading at $97,600.
Is BTDR Stock a Buy?
The stock of Bitdeer Technologies has a consensus Strong Buy rating among 10 Wall Street analysts. That rating is based on 10 Buy recommendations issued in the last three months. The average BTDR price target of $25.45 implies 57.39% upside from current levels.
