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.

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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.

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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.

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