Crypto Miner Bitdeer Partners With Druk Holding To Create Carbon-free Mining Operation In Bhutan

By Author: Crypto Business World
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Crypto Miner Bitdeer Technologies Group, a cryptocurrency miner based in Singapore announced on Wednesday that it had formed a partnership with Druk Holding and Investments (DHI), the state-owned investment company of the Himalayan kingdom.

The goal is to expand its mining operations and to establish a carbon-free, environmentally friendly digital asset mining operation in the Himalayan kingdom, Bhutan and raising up to US$500 million for a fund.

The Nasdaq-listed Bitdeer and DHI announced their intention to form a collaboration, with the first step being the formation of a closed-end fund raising up to with a projected value of US $500 million for a fund.

As a result of the collaboration, employment opportunity in engineering, project management, and various supervisory and support jobs are anticipated. In addition, it will hopefully promote growth in the local economy and bring in some much-needed foreign income for the country.

On April 17th, court documents surfaced showing that the Kingdom of Bhutan had been secretly investing millions of dollars in cryptocurrency. ...
... Bhutan's sovereign investment arm DHI has established a crypto portfolio without letting the public know. During the bankruptcy proceedings for Celsius and BlockFi, the money were uncovered.

Since April 2019, when Bitcoin was worth around $5,000, the Himalayan kingdom has been mining Bitcoin using hydropower, as was revealed following the disclosure of its covert assets. Bitdeer had 6 mining facilities in the US and Norway with a combined 775 MW of power as of the end of 2022.

The Chinese mining equipment manufacturer Bitmain's spinoff Bitdeer merged with a US$1.18 billion special purpose acquisition company on April 14 and began trading on the Nasdaq. On Tuesday, its stock price dropped US$2.11, settling at US$7.19.

Jihan Wu, chairman of Bitdeer, has spoken enthusiastically about working with DHI. Wu claims his firm would collaborate with DHI to make use of Bhutan's clean energy to power blockchain systems, which will provide a permanent underpinning for a global currency. He also mentioned the platform the fund will provide for building worldwide stakeholder networks that will benefit Bhutan's digital industry.