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

DHI CEO Ujjwal Deep Dahal said that the partnership would 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 they would 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 to attract investments from around the world.

Bitdeer chairman Jihan Wu 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 would provide a platform to develop international stakeholder networks that will contribute to Bhutan’s tech sector.

Meanwhile, DHI CEO Ujjwal Deep Dahal 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 toward 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.

Related: Bitcoin proponents respond to New York Times’ BTC mining report

On April 17, it was revealed in court documents that the Kingdom of Bhutan was quietly investing millions in cryptocurrencies. Bhutan grew a crypto portfolio through its sovereign investment arm DHI 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 using hydropower since April 2019, when Bitcoin (BTC) was priced at around $5,000.

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