Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan’s sovereign investment arm Druk Holding and Investments (DHI) have partnered to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan. The partnership aims to utilize Bhutan’s zero-emission energy to support blockchain technologies and establish an unchangeable foundation for a universal store of value.
The collaboration will begin with the creation of a closed-end fund with an estimated value of $500 million. The two firms plan to start their fundraising efforts at the end of May, attracting investments from across the globe. The project is expected to create job opportunities in various sectors, including engineering, project management, and supervisory and supportive roles. It is also expected to stimulate economic growth and generate foreign currency revenue for the local community and the country.
Bitdeer’s chairman Jihan Wu expressed enthusiasm about working with DHI, stating that the fund will provide a platform to develop international stakeholder networks contributing to Bhutan’s technology sector. Similarly, Ujjwal Deep Dahal, the CEO of DHI, raised his hopes for a successful partnership with Bitdeer, emphasizing DHI’s goal of enhancing the lives of Bhutanese people with a more sustainable domestic economy.
This partnership comes after the revelation of Bhutan’s secret investments in cryptocurrencies through its sovereign investment arm DHI. The Kingdom of Bhutan had been quietly investing millions in cryptocurrencies without public disclosure, with the funds discovered during the Celsius and BlockFi bankruptcy process. Following this revelation, it became apparent that the Himalayan kingdom had been mining Bitcoin (BTC) using hydropower since April 2019, when BTC’s price was approximately $5,000.
The collaboration between Bitdeer and DHI aims to establish Bhutan as a leader in sustainable, eco-friendly crypto mining practices. By leveraging the country’s zero-emission energy resources, Bitdeer and DHI hope to create a greener alternative to traditional crypto mining methods that rely heavily on carbon-producing energy sources. As Bitcoin and other digital assets continue to grow in popularity and global acceptance, there is increasing pressure on the industry to explore more sustainable options for mining and energy consumption.
In addition to its environmental benefits, the partnership also aims to spur economic growth in the country. The creation of the closed-end fund is expected to attract significant capital from global investors, while the jobs created from the mining operations will further support the local Bhutanese community. Furthermore, the revenue generated from mining operations will contribute to the nation’s foreign currency reserves, bolstering Bhutan’s economy.
The joint venture between Bitdeer and DHI is an example of how the adoption of green energy practices can have a positive impact on the cryptocurrency industry. As environmental concerns over crypto mining have grown in recent years, several companies and governments have begun to explore cleaner methods to support the growing demand for digital assets. In the case of Bhutan, partnering with a leading technology company like Bitdeer represents a significant step toward establishing more sustainable practices in the cryptocurrency space.
In conclusion, the partnership between Bitdeer and DHI aims to set a new standard for environmentally responsible crypto mining. By leveraging Bhutan’s zero-emission energy resources and creating an eco-friendly mining operation, Bitdeer and DHI can demonstrate the potential for sustainable growth in the digital asset domain. Additionally, the economic benefits of the collaboration, including job creation and foreign currency revenue, serve as an example of how environmentally responsible practices can have a positive impact not only on a country’s ecology but its overall economic development as well.
