Crypto Mining in the Himalayas: Bhutan and Nasdaq-Listed Bitdeer Partner to Raise $500 Million

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Bitdeer Technologies Group, a top cryptocurrency mining technology provider, has announced a strategic partnership with Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, to develop environmentally sustainable, carbon-free digital asset mining operations in the Kingdom of Bhutan.

Creating a Sustainable Fund

The partnership aims to establish a closed-end fund, estimated to be worth up to $500 million. Fundraising is set to begin at the end of May, with the objective of attracting investment from the international community. The fund will leverage Bitdeer’s expertise to advance DHI’s digital asset mining and investment initiatives, as well as blockchain projects in Bhutan. Bitdeer will serve as the general partner, while DHI will act as a strategic limited partner.

Fostering Global Innovation Networks

Bitdeer’s Chairman, Jihan Wu, expressed enthusiasm about working with DHI to access Bhutan’s zero-emission power for sustainable blockchain development. He emphasized that the new fund will foster global stakeholder networks driving growth and innovation in Bhutan’s technology sector.

Ujjwal Deep Dahal, CEO of Druk Holding and Investments, commented on the partnership’s significance for DHI and its mission to improve the lives of the Bhutanese people. The collaboration with Bitdeer to launch a carbon-free digital asset mining data center is an investment in a more connected and sustainable domestic economy, positioning Bhutan at the forefront of global innovation.

Investing in a Green Future

The capital raised will be directed toward greenfield operations in Bhutan, including constructing data centers and acquiring cutting-edge technology. This initiative is in line with Bhutan’s ambitious plans to accelerate the kingdom’s digital transformation and economic diversification by exploring emerging sectors. 

Investments will be made in strategic areas such as renewable energy assets, including hydropower, green ammonia, and the hydrogen fuel economy, as well as in emerging technologies like blockchain, artificial intelligence, machine learning systems, carbon credit platforms, and the metaverse.