Nasdaq-listed mining company Bitdeer Technologies Group and Bhutan's sovereign investment arm Druk Holding and Investments (DHI) have teamed up to create carbon-free and green digital asset mining operations in the Kingdom of Bhutan .
In an announcement sent to Cointelegraph, Bitdeer and DHI said they would launch the partnership by creating a closed-end fund worth approximately $500 million. The firms aim to start their fundraising efforts at the end of May to attract investment from around the world.
Bitdeer President Jihan Wu expressed his excitement about collaborating with DHI. According to Wu, the company will work with DHI to use Bhutan's zero-emissions energy to support blockchain technologies, which will eventually establish an immutable foundation for a universal store of value. He also added that the fund would provide a platform to develop international networks of stakeholders that will contribute to Bhutan's technology sector.
Meanwhile, DHI CEO Ujjwal Deep Dahal also expressed his enthusiasm to collaborate with Bitdeer on the project. He explained that DHI's goal is to improve the lives of Bhutanese and believes that the partnership with Bitdeer is a step towards a more sustainable national economy.
The association is expected to create employment opportunities in various fields, including engineering, project management, and supervisory and support roles. Furthermore, it is expected to stimulate economic growth and generate foreign currency income for the local community and the country.
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April 17 was revealed in court documents that the Kingdom of Bhutan was quietly investing millions in cryptocurrency. Bhutan developed a cryptocurrency portfolio through its sovereign investment arm DHI without disclosing it to the public. The funds were discovered in the bankruptcy proceedings of Celsius and BlockFi.
Following the disclosure of their secret investments, it was also discovered that the Himalayan kingdom has been Mine Bitcoin using hydroelectric power since April 2019, when Bitcoin (BTC) was priced at around $5,000.
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