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The Singapore-based cloud mining company Bitdeer has partnered with Bhutan’s investment arm to raise $500 million. Per a Bloomberg report, the funds will be used to develop carbon-free crypto-mining infrastructure in the Himalayan country.
The CEO of DHI, Ujjwal Deep Dahal, told Bloomberg that investing in cryptocurrencies is the “least risky way” for the Kingdom to dive into the next generation of money.
“It’s important for us 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.”
Ujjwal Deep Dahal, the CEO of DHI
Per the report, Bhutan, with a population of around 777,000 people, wants to use the funds to utilize its hydroelectric power for developing green cryptocurrency mining with the help of the cloud mining company, which was listed on Nasdaq last month.
Сrypto.news reported that Bhutan spent roughly 5% of its gross domestic product (GDP) on bitcoin (BTC) mining hardware.
The investment department of Bhutan, a small South Asian country with population of 770,000, along with Bitdeer, plans to seek investors for a $500m fund, with the aim of utilizing Bhutan's hydroelectric power to establish carbon-free bitcoin mining. https://t.co/YSwbnBpgbj https://t.co/sl3FlvZuEZ
— Wu Blockchain (@WuBlockchain) May 3, 2023
With the help of Bitdeer, Bhutan is expected to build a 100-megawatt crypto-mining infrastructure which might be completed between June and September.
Last month, it was revealed that Bhutan’s, officially known as the Kingdom of Bhutan, sovereign investment arm — Druk Holding & Investments (DHI) — lost millions of dollars to the collapse of BlockFi and Celsius.