Bhutan's DHI and Bitdeer to raise $500M to develop sustainable mining operations

DHI CEO Ujjwal Deep Dahal said that the partnership will contribute to a more sustainable domestic economy in Bhutan.

Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have teamed up to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.

In an announcement sent to Cointelegraph, Bitdeer and DHI said that they will launch the partnership by creating a closed-end fund with an approximate value of $500 million. The firms aim to start their fundraising efforts at the end of May, with the objective of attracting investments from around the world.

Jihan Wu, the chairman of Bitdeer, expressed enthusiasm about collaborating with DHI. According to Wu, the company will work with DHI to utilize Bhutan’s zero-emission energy to support blockchain technologies, which will eventually establish an unchangeable foundation for a universal store of value. He also added that the fund will provide a platform to develop international stakeholder networks that will contribute to Bhutan’s tech sector.

Meanwhile, Ujjwal Deep Dahal, the CEO of DHI, also expressed enthusiasm about collaborating with Bitdeer on the project. He explained that DHI’s goal is to enhance the lives of Bhutanese people and believes that the partnership with Bitdeer is a step towards a more sustainable domestic economy.

The partnership is expected to create employment opportunities in various fields, including engineering, project management, and supervisory and supportive roles. Moreover, it is expected to stimulate economic growth and generate revenue in foreign currency for the local community and the country.

On April 17, it was revealed in court documents that the Kingdom of Bhutan was quietly investing millions in cryptocurrencies. Through its sovereign investment arm DHI, Bhutan grew a crypto portfolio without disclosing it to the public. The funds were discovered in the Celsius and BlockFi bankruptcy process.

Following the revelation of its secret investments, it was also discovered that the Himalayan kingdom has been mining Bitcoin (BTC) using hydropower since April 2019, when BTC price was around $5,000.

Magazine: Asia Express: US and China try to crush Binance, SBF’s $40M bribe claim