Bitdeer and DHI to develop sustainable mining operations in Bhutan
Bitdeer Technologies Group, a Nasdaq-listed mining company, has teamed up with Druk Holding and Investments (DHI), the sovereign investment arm of Bhutan, to establish eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan. The partnership aims to create a more sustainable domestic economy in Bhutan and generate revenue in foreign currency for the local community and the country. DHI CEO Ujjwal Deep Dahal expressed his excitement about the partnership and its potential to enhance the lives of Bhutanese people. Bitdeer and DHI plan to launch the partnership by creating a closed-end fund valued at around $500 million. The firms aim to begin their fundraising efforts at the end of May to attract investments from around the world. Bitdeer Chairman Jihan Wu believes that the collaboration with DHI will utilize Bhutan’s zero-emission energy to support blockchain technologies, which will eventually establish an unchangeable foundation for a universal store of value. The partnership is also expected to create employment opportunities in various fields and stimulate economic growth. Moreover, Bhutan has been quietly investing millions in cryptocurrencies through its sovereign investment arm DHI. The kingdom’s crypto portfolio was discovered during the Celsius and BlockFi bankruptcy process. Bhutan has been mining Bitcoin using hydropower since April 2019, which aligns with its goal of becoming carbon-negative.
Key Takeaways
- Bitdeer and DHI plan to create sustainable digital asset mining operations in Bhutan.
- The partnership aims to stimulate economic growth and create employment opportunities.
- The firms will launch a closed-end fund valued at around $500 million to attract investments from around the world.
- Bhutan has been quietly investing millions in cryptocurrencies and mining Bitcoin using hydropower since April 2019.
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