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.