Bhutan Plans a $500 Million Fund for Bitcoin Mining in the Himalayas
Bitdeer Technologies Group and Druk Holding & Investments, the commercial arm of the Royal Government of Bhutan, announced a strategic partnership to develop environmentally sustainable, carbon-free digital asset mining operations in the Kingdom of Bhutan.
"Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom."
"The Fund will leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan. Bitdeer will serve as the general partner, while DHI will act as a strategic limited partner."
"Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power."
“We are thrilled to partner with Bitdeer on this important development for DHI. DHI exists for the betterment of the lives of Bhutanese people today and for generations to follow. The Partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation,” said Ujjwal Deep Dahal, CEO of Druk Holding & Investments.
"Mining is the least risky way for Bhutan to tap crypto opportunities and for now the nation will focus on Bitcoin", the CEO said in an interview, per Bloomberg.
"The capital raised will be channelled toward greenfield operations in Bhutan, encompassing the construction of datacenters and the acquisition of cutting-edge technology."
"Bitdeer expects to set up a 100-megawatt operation in Bhutan, with construction slated to start in the second quarter and be completed in July through September, a regulatory filing shows."
"The upcoming carbon-free digital asset mining operations in Bhutan mark a crucial expansion into Asia of Bitdeer, complementing Bitdeer’s existing datacenters in Northern Europe and North America."