The mining operations will be “carbon neutral” according to the companies and the first expansion by Bitdeer into Asia.
Bitdeer Technologies Group and Druk Holding & Investments have teamed up to develop a 100% zero-carbon digital asset mining operation in the Kingdom of Bhutan. According to a press release sent to Bitcoin Magazine, the partnership aims to help accelerate Bhutan’s digital transformation and economic diversification, while expanding Bitdeer’s global footprint. The two companies will establish a closed-end fund of up to $500 million, which will be launched in May 2023. Bitdeer will act as a general partner, while DHI will act as a strategic limited partner.
“The partnership is expected to create local jobs in areas ranging from engineering to project management, supervisory and support positions,” the press release said. “At the same time, the partnership is expected to generate economic activity and foreign currency-denominated revenue for local communities and the country.”
“We are excited to work alongside DHI in accessing zero-emission Bhutan energy to sustainably enable blockchain technologies that will eventually form the solid foundation of a global store of value,” said Bitdeer Chairman Jihan Wu.
“We are excited to be partnering with Bitdeer on this important development of DHI.” Commented Ujwal Deep Dahal, CEO of Druk Holdings and Investments. “DHI exists to improve the lives of the people of Bhutan today and for generations to come.”
Bitdeer currently operates data centers in Northern Europe and North America. As the press release points out, Bhutan’s upcoming carbon-free bitcoin mining operation will mark an important expansion into Asia for Bitdeer, which will “enable Bitdeer to tap Asia’s abundant resources, contributing to the prosperity of the regional ecosystem.”