Alberta-Based Power Venture: Solmining Secures 91 MW Mining Operation and Gas-Powered Plant Acquisition
In a significant development for the crypto industry, SolMining has announced plans to establish a net-zero emissions, fully integrated off-grid Bitcoin mining facility near Fox Creek, Alberta. The company has recently acquired a 91-MW gas-fired power station in the region for $19.7 million.
The project, which is expected to commission in 2026, will see SolMining partnering with Sumitomo Corporation and Marubeni Corporation for the development and construction of the power plant and the associated Bitcoin mining facility. The power station has received approval for a 99-MW grid connection with Alberta's AESO, with an operational date set for the fourth quarter of 2027.
Alberta Premier Danielle Smith has welcomed the initiative, emphasising the province's leadership in technology and innovation. Smith encourages businesses to bring their own power to Alberta, suggesting it as an ideal location for such ventures.
The power station is expected to have an energy production cost of approximately $15 to $20 per megawatt-hour. SolMining's strategy includes optimising power supply during periods of high demand and selling it back to the Alberta grid to stabilise electricity prices, a move that is expected to reduce costs further.
In addition to the power plant, SolMining also plans to construct a 91-MW data center for Bitcoin mining. The company's mining farm, according to Shvander from SolMining, will set a new benchmark for unit economics in the industry due to self-power generation, Antminers, and active participation in the grid.
The project also presents an opportunity for SolMining to become the world's first large-scale, fully vertically integrated Bitcoin miner. SolMining will deploy a carbon utilization system to capture carbon dioxide, making the project a net-zero carbon emissions producer.
Moreover, the initiative aims to reduce Canada's carbon tax obligations and generate future revenue through carbon credits. SolMining plans to partner with a leading engineering, procurement, and construction firm to develop and construct the power plant.
This development marks a significant step towards sustainable Bitcoin price and underscores Alberta's commitment to technological advancements and environmental responsibility.
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