Utilizing Bhutan’s Zero-Emission Energy
Bitdeer’s chairman, Jihan Wu, expressed his enthusiasm for the collaboration with DHI, noting that the partnership would utilize Bhutan’s zero-emission energy to support blockchain technologies. Wu added that the fund would provide a platform for developing international stakeholder networks, contributing to Bhutan’s tech sector.
Boosting Bhutan’s Economy and Employment
DHI’s CEO, Ujjwal Deep Dahal, shared Wu’s enthusiasm, stating that the partnership would enhance the lives of Bhutanese people and promote a more sustainable domestic economy. The collaboration is expected to create job opportunities in various fields, such as engineering, project management, and supervisory roles. It will also stimulate economic growth and generate foreign currency revenue for the local community and the nation.
A History of Secret Investments
In April, it was revealed that the Kingdom of Bhutan had been quietly investing millions in cryptocurrencies through its sovereign investment arm, DHI. The funds were discovered during the Celsius and BlockFi bankruptcy process. Furthermore, it was discovered that the Himalayan kingdom had been mining Bitcoin using hydropower since April 2019, when Bitcoin was priced at around $5,000.
Ready to Join the Bitcoin Revolution? Here’s How to Buy Bitcoin Safely and Easily!
Bitdeer and DHI: Pioneers in Sustainable Crypto Mining
Establishing a $500 Million Closed-End Fund
The partnership between Bitdeer and DHI will establish a $500 million closed-end fund, with fundraising efforts set to begin by the end of May. The fund is expected to attract interest from the international community and advance DHI’s digital asset mining, investment, and blockchain initiatives in Bhutan.
Constructing a Mining Data Center
Bitdeer’s SEC filing in April revealed plans to generate 100 megawatts from Bhutan for its mining activities. The company also expects the construction of a mining data center to commence in the second quarter and be completed by the third quarter.
Bhutan’s Future-Facing Investment Strategy
The tiny Himalayan nation entered the mining space a few years ago when Bitcoin traded for around $5,000. The country’s mining activities are part of its “future-facing investment strategy” that aims to support its fourth industrial revolution.
Key Points
What is the purpose of the partnership?
The partnership aims to create eco-friendly and carbon-free digital asset mining operations in Bhutan, utilizing the country’s zero-emission energy and promoting sustainable economic growth.
How much is the closed-end fund worth?
The closed-end fund is valued at approximately $500 million.
How will the partnership benefit Bhutan’s economy and job market?
The collaboration is expected to create job opportunities in various fields, such as engineering, project management, and supervisory roles. It will also stimulate economic growth and generate foreign currency revenue for the local community and the nation.
When did Bhutan start mining Bitcoin?
Bhutan began mining Bitcoin using hydropower in April 2019, when Bitcoin was priced at around $5,000.
