Bitdeer Technologies Group and Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), the kingdom’s sovereign investment arm, have joined forces to establish eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan. The partnership seeks to create a closed-end fund worth $500 million and attract investments worldwide.
Bitdeer Chairman Jihan Wu expressed excitement about the collaboration, saying that they would utilize Bhutan’s zero-emission energy to support blockchain technologies, eventually establishing a universal store of value. DHI CEO Ujjwal Deep Dahal also shared the same enthusiasm, saying that the partnership would contribute to a more sustainable domestic economy in Bhutan.
The project is expected to create job opportunities in various fields, stimulate economic growth, and generate revenue in foreign currency for the local community and the country. Additionally, the partnership will provide a platform to develop international stakeholder networks that will contribute to Bhutan’s tech sector.
Meanwhile, court documents revealed that the Kingdom of Bhutan had been secretly investing millions in cryptocurrencies through its DHI, including Bitcoin. The country had also been mining Bitcoin using hydropower since April 2019, when Bitcoin was priced at around $5,000.
The move towards crypto investments and mining in Bhutan is significant, especially for a country that has been grappling with economic challenges for years. With the partnership between Bitdeer and DHI, the Kingdom of Bhutan is positioning itself to become a leader in eco-friendly and carbon-free digital asset mining operations.
Project’s success could pave the way for more sustainable mining operations worldwide and provide a much-needed boost to Bhutan’s economy. As the world looks towards clean energy sources and sustainable business practices, Bhutan is setting an example of how these efforts can be incorporated into the digital asset industry.