Bitdeer Technologies Group, a Nasdaq-listed mining company, has joined forces with Druk Holding and Investments (DHI), the sovereign investment arm of Bhutan, to establish environmentally-friendly, carbon-free digital asset mining operations in Bhutan.
Bitdeer and DHI have recently announced a partnership to launch a closed-end fund with a proposed value of approximately $500 million. The two companies plan to commence fundraising activities at the end of May, hoping to draw investments from a global audience.
Jihan Wu, the Chairman of Bitdeer, strongly expressed his enthusiasm for working with DHI. He stated that the company will be utilizing Bhutan’s zero-emission energy to bolster blockchain technologies, which will create an immutable basis for a global store of value. Additionally, Wu mentioned that the fund will provide a platform to construct international stakeholder networks that will help Bhutan’s tech industry grow.
Ujjwal Deep Dahal, the CEO of DHI, expressed great excitement about his organization’s collaboration with Bitdeer regarding the project. He further clarified that DHI’s mission is to improve the lives of the Bhutanese citizens, and he believes the partnership with Bitdeer will be a move towards creating a more sustainable economy in the country.
Through their partnership, it is anticipated that numerous employment opportunities will open up in fields such as engineering, project management, and supervisory and supportive roles. Additionally, the partnership is expected to act as a catalyst for economic growth and yield an influx of foreign currency for both the local community and the nation as a whole.
On April 17th, court documents revealed that the Kingdom of Bhutan had been keeping its cryptocurrency investments a secret. DHI, Bhutan’s sovereign investment arm, had built up a substantial portfolio of digital currencies without announcing it to the public. The details of the funds were uncovered during the Celsius and BlockFi bankruptcy process.
Upon further investigation, it was uncovered that the Himalayan kingdom has been mining Bitcoin with hydropower since April 2019, when Bitcoin was valued at around $5,000. This news came to light after the disclosure of the kingdom’s clandestine investments.
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