Bitdeer to Raise $500M in Bhutan, Expand Crypto Mining Operations
Summary
- Bitdeer, a Nasdaq-listed Bitcoin mining company, 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.
- The partnership will be established with a closed-end fund valued at $500 million. Fundraising for this fund will begin by May ending.
- The partnership is expected to create local jobs and generate economic activity and foreign-currency revenue for the country.
Bitdeer Expands to Bhutan
Nasdaq-lised Bitdeer announced that it would generate 100 megawatts from Bhutan for its mining activities. The company 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.
$500 Million Fundraising Begins
The partnership will 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. According to Bitdeer chairman Jihan Wu, the move would “sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store o”f value“.
Positive Impacts on Local Economy
This partnership is expected to create local jobs and generate economic activity and foreign currency revenue for the country. It would also provide access to zero emission power sources which are necessary for running blockchain technologies efficiently.