Bitdeer, a Nasdaq-listed bitcoin miner, has partnered with Bhutan’s state-owned investment company, DHI, to build carbon-free digital asset mining operations and raise $500 million for a crypto mining fund.
Bitdeer and DHI to jointly raise $500 million
A closed-end fund valued at $500 million that will invest in digital asset mining projects in Bhutan and other regions will form the basis of the partnership. By the end of May, they plan to start the fundraising process and draw attention from the international community.
“The Fund will leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining, investment, and blockchain initiatives in Bhutan,” said Bitdeer’s chairman Jihan Wu.
“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,” he added.
DHI’s CEO, Ujjwal Deep Dahal, also expressed his enthusiasm for the partnership, saying that it would ensure that the country is at the forefront of global innovation.
Singapore-based Bitdeer will serve as the fund’s general partner, and DHI will act as a strategic limited partner.
Bitdeer to leverage Bhutan’s zero-emissions power
Bitdeer plans to set up a 100-megawatt mining operation in Bhutan, using the country’s carbon-free power sources. They expect to begin the construction of the mining data center in the second quarter of the year and complete it by the third quarter, according to a recent regulatory filing.
Bitdeer is also exploring other sites to construct its mining data centers with an initial focus on North America, North Europe, Central Asia, and Southeast Asia, per the filing.
The partnership is expected to create local jobs and generate economic activity and foreign-currency revenue for the country.
Bhutan has been mining Bitcoin for years
Forbes reported Friday that Bhutan, a Himalayan kingdom with a population of less than a million, has been quietly mining Bitcoin for the past few years.
DHI mined bitcoin when it was $5,000, Dahal told The Bhutanese last week, while Bitcoin trades at $28,600.
DHI had also borrowed millions of dollars in digital assets from two now-bankrupt crypto lenders, BlockFi and Celsius. According to Dahal’s comments to the Bhutanese, those dues have been settled.
Despite the recent market turmoil, DHI’s new partnership with Bitdeer shows that Bhutan remains interested in crypto. The project is expected to create local jobs and generate foreign-currency-denominated revenue for Bhutan and its people.
