Bitdeer plans $500M to develop sustainable Bitcoin mining operations in Bhutan.

The commercial arm of the Royal Government of Bhutan, Druk Holding & Investments (DHI), and Bitdeer, a cryptocurrency mining company that is listed on the Nasdaq and is led by Jihan Wu, the former CEO of Bitmain Technologies, announced a strategic alliance.

According to a press statement issued by the firm on Wednesday, the partnership’s goal is to establish cryptocurrency mining operations that use hydroelectric power that is “100% carbon-free” in a new mining facility in the Kingdom of Bhutan.

Bitdeer and DHI plan to accomplish this by establishing a closed-end fund to raise $500 million “from the international community,” according to the press release.

Bitdeer plans 500M to develop sustainable Bitcoin mining operations in Bhutan

By the end of the month, the fundraising event is anticipated to start.

In a statement, Bitdeer chairman Jihan Wu stated, “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.” According to Wu, it is believed that the project would stimulate regional tech development.

By merging with Blue Safari Group to form a special purpose acquisition company (SPAC), Singapore-based Bitdeer, which has previously established cryptocurrency mining data centers in the U.S. and Norway, went public last month on the Nasdaq exchange.

Bitdeer aims to put up a 100-megawatt facility in Bhutan, according to a regulatory filing. It’s anticipated that work will begin in the second quarter of 2023 and finish between July and September.

A Bhutanese publication claims that DHI joined the local mining industry before its competitors at a time when Bitcoin was valued at about $5,000.

The report asserted that DHI had previously borrowed money from BlockFi and Celsius, two now-defunct crypto lending companies. Ujjwal Deep Dahal, the company’s CEO, claims that “Bhutan had borrowed some digital assets as a loan to make certain investments, and everything has been paid back and settled with no dues.”

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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