Shocking News: Bitdeer’s $21.7 Million Power Play in Canada Will Leave You Speechless! 😲

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In a most remarkable turn of events, the esteemed Bitcoin mining establishment known as Bitdeer has, with great flourish, acquired a most generous expanse of 19 acres in the charming province of Alberta, Canada, for the princely sum of $21.7 million. One cannot help but marvel at the audacity of such a venture, which promises to scale up to a staggering 1 GW of power. Truly, it is a feat worthy of a novel! 📚

In a press release that could rival the most thrilling of romances, the Singapore-based firm has triumphantly announced the successful completion of an acquisition deal for a 101 MW site and gas-fired power project, nestled near the quaint locale of Fox Creek, Alberta. One can only imagine the excitement that must have ensued! 🎉

Bitdeer, in its infinite wisdom, assures us that the site is fully licensed and comes equipped with all necessary permits to construct an on-site natural gas power plant. Furthermore, they have received the coveted approval to build a 99 megawatt interconnection grid with the Alberta Electric System Operator, a project worth around $30 million, or a rather amusing $300,000 per MW. It appears that the pursuit of Bitcoin is indeed a costly affair! 💸

The projected energy production cost, according to the whims of current gas prices, hovers around $20 to $25 per MWh. One might ponder whether such figures are the result of careful calculation or mere speculation! 🤔

In collaboration with the Engineering, Procurement and Construction (EPC) Company, Bitdeer has grand plans to develop and construct a power plant that shall be ready to dazzle the world by the fourth quarter of 2026. Upon completion, they shall deploy a staggering 9 EH/s of their SEALMINER A3 mining machines. One can only hope they have sufficient tea to sustain them through this endeavor! ☕

Moreover, Bitdeer intends to sell power back to the Alberta grid, a noble effort to stabilize gas prices during periods of high demand. How very considerate of them to think of the greater good! 🌍

Haris Basit, the Chief Strategy Officer at Bitdeer, has proclaimed that this acquisition marks their inaugural foray into the Canadian market. Previously, they have ventured into the realms of the U.S., Bhutan, and Norway. A veritable globe-trotter, one might say! 🌎

“This marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, granting us unparalleled control over costs, energy efficiency, and scalability,” declared Basit, with all the gravitas of a character in a Shakespearean play. 🎭

As part of this ambitious deal, Bitdeer shall deploy a carbon utilization system to capture CO2 on-site, thus rendering it a net zero carbon producer project. A clever ruse to offset Canada’s carbon tax, and perhaps even generate revenue through carbon credits! How delightfully enterprising! 💡

The Premier of Alberta, the indomitable Danielle Smith, has welcomed this Bitcoin mining project with open arms, encouraging other firms to grace Alberta with their presence, provided they bring their own power, of course. A rather cheeky invitation, if one may say! 😏

“Today’s investment is yet another indication that Alberta continues to be a leader in technology and innovation, not only across the country but indeed across the globe,” proclaimed Smith, with all the enthusiasm of a proud parent. 🌟

According to the astute analysts at H.C. Wainwright, Bitcoin miners have experienced a most significant growth spurt in the last quarter of 2024, following Bitcoin’s triumphant crossing of the $100,000 threshold for the very first time. The rise in Bitcoin prices has, in turn, spurred a 16.4% increase in mining activity, while transaction fees have surged by a staggering 59.4%. One can only imagine the jubilation that must have ensued! 🎊

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2025-02-05 12:38