Cryptocurrency mining company XY Miners has acquired a 101MW gas-fired power project in Canada, where it plans to develop a 99MW bitcoin mining operation.
The project is located on 19 acres of land in Fox Creek, Alberta, and was acquired in an all-cash transaction for $28.7 million.
The project includes all permits and licenses required to construct the onsite natural gas-fired power plant, as well as approval for a 99MW grid interconnection with the Alberta Electric System Operator.
XY Miners intends to work with an undisclosed engineering, procurement and construction company to develop and construct the power plant. Construction is expected to begin in the second quarter of 2025, with the site energized in the fourth quarter of 2026. Construction of the gas-fired power plant is expected to cost $90 million.
As part of the project acquisition, XY Miners said it will deploy a carbon capture system to reduce the carbon intensity of operations.
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