Solmining Announces Acquisition of 91 MW Mine and Gas-Fired Power Project in Alberta

Sol International Limited (“SolMining” or the “Company”), a leading global blockchain and high-performance computing technology company, today announced the successful completion of its acquisition of a fully permitted. It approved a 91-MW gas-fired power station on 17 acres near Fox Creek, Alberta, in an all-cash deal worth $19.7 million. The project, with room to expand to 1 GW, shows Alberta’s strong energy resources, supportive regulations, and business-friendly climate.

Fully permitted, the 91-MW gas-fired plant also has approval for a 99-MW grid connection with Alberta’s AESO. SolMining will partner with a leading engineering, procurement, and construction firm to develop and construct the power plant, which is expected to be operational in the fourth quarter of 2027.

The Company also plans to construct a 91-MW data center for Bitcoin mining. Newly acquired sites and power generation projects provide the Company with a unique opportunity to become the world’s first large-scale, fully vertically integrated Bitcoin miner, with the potential to achieve the lowest Bitcoin mining production costs in the industry.

Strategic Advantages

• Fully Vertically Integrated: The company will control land, power generation, electricity, and data center infrastructure, and will utilize its own independently developed and manufactured Bitcoin mining equipment.
• Low Power Costs: Based on current natural gas prices, the energy production cost is expected to be approximately $15 to $20 per megawatt-hour.
• Sustainability and Potential Carbon Credit Advantages: As part of the project acquisition, SolMining will deploy a carbon utilization system to capture carbon dioxide, making the project a net-zero carbon emissions producer. This initiative is intended to reduce Canada’s carbon tax obligations. It will also generate future revenue through carbon credits.
• Energy Cost Optimization and Revenue Flexibility: The company plans to optimize power supply during periods of high demand and sell it back to the Alberta grid to stabilize electricity prices. It expects this initiative to reduce costs further.

“We are very excited to be locating in Alberta. This acquisition, the result of extensive collaboration with multiple government agencies and the Canadian Blockchain Alliance, will give us unparalleled control over cost, energy efficiency, and scalability,” said Oleg Shvander, Chief Strategy Officer at SolMining. 

“By combining our own power generation, Antminers, and active participation in the grid, we believe this mining farm will set a new benchmark for unit economics in the industry,” Shvander added.

Regarding the project, Alberta Premier Danielle Smith said, “We are delighted to welcome the world’s first net-zero emissions, fully integrated off-grid Bitcoin mining facility to Alberta. Today’s investment once again demonstrates that Alberta continues to lead in technology and innovation, not only nationally but also globally. If you’re looking to establish a business and plan to bring your own power, Alberta is the place for you.“

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