Bitdeer Technologies Group, a Nasdaq-listed mining business, and Druk Holding and Investments (DHI), the sovereign investment arm of Bhutan, have partnered to establish carbon-free, environmentally friendly digital asset mining activities in Bhutan.
Bitdeer and DHI announced their intent to form a partnership. The closed-end fund is expected to be worth about $500 million. At the end of May, the companies plan to launch global investment fundraising campaigns.
Remarks from execs
Jihan Wu, chairman of Bitdeer, has spoken enthusiastically about working with DHI. Ujjwal Deep Dahal, CEO of DHI, believes the alliance would help make Bhutan’s internal economy more stable.
Wu claims his firm would collaborate with DHI to make use of Bhutan’s clean energy to power blockchain systems, which will provide a permanent underpinning for a global currency. The fund, he said, would serve as a forum for the cultivation of global networks of stakeholders who might help advance Bhutan’s information technology industry.
DHI’s chief executive officer, Ujjwal Deep Dahal, has also spoken positively about working with Bitdeer. He said DHI’s work is motivated by a desire to improve the lives of Bhutanese citizens, and that the organization sees its collaboration with Bitdeer as a step toward a more stable national economy.
Jobs in engineering, project management, and different supervisory and support jobs are anticipated as a result of the collaboration. In addition, it will hopefully promote development in the local economy and bring in some much-needed foreign income for the nation.
Court records published on April 17 showed that the Kingdom of Bhutan has been secretly investing millions of dollars in cryptocurrency. Without letting on to the public, Bhutan established a crypto portfolio via its sovereign investment arm DHI. The bankruptcy proceedings for Celsius and BlockFi led to the discovery of the money.
Since April 2019, when Bitcoin was worth about $5,000, the Himalayan monarchy has been mining Bitcoin using electricity, as was revealed after the disclosure of its covert assets.
