Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have partnered to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.
Bitdeer and DHI announced the launch of a closed-end fund worth approximately $500 million, with fundraising efforts starting at the end of May to attract investments globally.
Bitdeer chairman Jihan Wu and DHI CEO Ujjwal Deep Dahal expressed enthusiasm about collaborating on the project. The partnership is expected to create employment opportunities and stimulate economic growth in various fields, including engineering, project management, and supervisory and supportive roles, while also generating revenue in foreign currency for the local community and country.
The partnership will utilize Bhutan’s zero-emission energy to support blockchain technologies, establishing an unchangeable foundation for a universal store of value. It is also expected to develop international stakeholder networks that will contribute to Bhutan’s tech sector.
It was revealed in court documents on April 17 that the Kingdom of Bhutan had been quietly investing millions in cryptocurrencies through DHI without disclosing it to the public. The funds were discovered in the Celsius and BlockFi bankruptcy process. Bhutan has been mining Bitcoin using hydropower since April 2019.
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