Bhutan has just partnered with Bitdeer Technologies Group for an ambitious $500 million fundraiser to boost its Bitcoin (BTC) mining business. The country intends to use renewable energy sources such as hydroelectricity to support the development of this activity while creating local jobs.
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Bhutan continues to encourage Bitcoin mining
Just a few days ago, we learned that Bhutan has been mining Bitcoin (BTC) since its price hit $5,000, and that the country has also invested tens of millions of dollars in cryptocurrency from from lenders BlockFi and Celsius.
Today, Druk Holding & Investments (DHI), the financial arm of the Kingdom of Bhutanannounced via an official press release a strategic partnership with Bitdeer Technologies Group, a Singaporean company specializing in cryptocurrency mining solutions, whether in terms of design, logistics or maintenance.
Thus, the 2 entities jointly announced that they would start raising $500 million at the end of Maywith a view to attracting investment from the international community.
According to the press release, the funds raised will be used to finance and develop mining activities in Bhutanand this by making use of renewable energies such as hydroelectricity (whose operations represent 30% of Bhutanese GDP), green ammonia and hydrogen.
The operation will, beyond the fact of developing the activity relating to cryptocurrencies of Bhutan, to create a significant number of local jobs, both in terms of engineering and supervision and support trades. A major operation, which echoes the very recent entry of Bitdeer on the Nasdaq stock exchange (ticker BTDR).
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Bhutan pioneering BTC mining
Bhutan’s interest in Bitcoin, although dating back a few years, was only revealed very recently. This small country in South Asia, of around 800,000 inhabitants and perched in the Himalayan range, would actually mine BTC since at least 2019 in order to diversify its activities.
Its here-announced partnership with Bitdeer demonstrates Bhutan’s continued interest in the king of cryptocurrencies, despite the market turbulence experienced last year. And this thanks to a mining system based on renewable energies, which will help to strengthen the national economy while improving the lives of the inhabitants, as pointed out by Jihan Wu, the president of Bitdeer :
“We are excited to work alongside DHI to access zero-emission energy from Bhutan to sustainably enable blockchain technologies that will ultimately form an immutable bedrock for a global store of value. The new fund will also represent a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan. »
Alongside its existing facilities in North America and Europe, Bitdeer intends to take advantage of this partnership to fully develop its cryptocurrency mining activities in Asia.
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Source: Press release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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