• Bitdeer and Bhutan have partnered to raise $500 million for developing carbon-free cryptocurrency mining infrastructure in the Himalayan country.
• The funds will be used to utilize Bhutan’s hydroelectric power for green cryptocurrency mining with the help of the cloud mining company, which was listed on Nasdaq last month.
• DHI, Bhutan’s investment arm, wants to position themselves competitively in the global market by investing in assets such as digital currencies.
Bitdeer and Bhutan Partner To Raise $500 Million
Singapore-based cloud mining company Bitdeer has partnered with Bhutan’s investment arm Druk Holding & Investments (DHI) to raise $500 million with the aim of utilizing Bhutan’s hydroelectric power for developing green cryptocurrency mining infrastructure in the Himalayan country.
Funds Will Be Used To Utilize Hydroelectric Power For Cryptocurrency Mining
The funds will be used to utilize Bhutan’s hydroelectric power for green cryptocurrency mining with the help of the cloud mining company, which was listed on Nasdaq last month. Last month, it was revealed that Bhutan spent roughly 5% of its gross domestic product (GDP) on bitcoin (BTC) mining hardware.
Bhutan Wants To Position Themselves Globally In The Market By Investing In Digital Assets
Ujjwal Deep Dahal, CEO of DHI told Bloomberg that investing in cryptocurrencies is “the least risky way” for Kingdom to dive into the next generation of money and that it is important for them “to look at assets that are low volume, high value, or digital assets for that matter and try to position ourselves in a way that we can be competitive globally over time to build our economy“.
Bitdeer Plans To Build 100 Megawatt Crypto-Mining Infrastructure
With the help of Bitdeer, Bhutan is expected to build a 100-megawatt crypto-mining infrastructure which might be completed between June and September.
Bhutans Sovereign Investment Arm Lost Millions Of Dollars Due To Collapse Of BlockFi And Celsius
Last month, it was revealed that DHI lost millions of dollars due to collapse of BlockFi and Celsius crypto companies.