Bitdeer expands to Bhutan, expects to raise $500M

Bitcoin (BTC) miner Bitdeer has partnered with Bhutan’s state-owned investment company Druk Holding and Investments (DHI), to build carbon-free digital asset mining operations in the Kingdom of Bhutan.

According to a May 3 statement, the partnership would be established with a closed-end fund valued at $500 million. Fundraising for this fund will begin by May ending, and it is expected to attract interest from the international community.

“The Fund will leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan.”

The partnership is expected to create local jobs and generate economic activity and foreign-currency revenue for the country.

Speaking on the development, Bitdeer’s chairman Jihan Wu said:

“We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value.”

DHI’s CEO, Ujjwal Deep Dahal, echoed Wu’s sentiment, adding that the partnership would ensure that the country is at the forefront of global innovation.

In April, Bitdeer’s SEC filing showed that it would generate 100 megawatts from Bhutan for its mining activities. The firm added that it is also expecting the construction of a mining data center to commence in the second quarter and be completed by the third quarter.

CryptoSlate reported that the tiny Himalayan nation entered the mining space a few years ago when the BTC traded for around $5,000. According to the report, the country’s mining activities are part of its “future-facing investment strategy” that would support its fourth industrial revolution.

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