Bitdeer Seeks Investors’ Contribution to Crypto Project Fund in Bhutan

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Bitdeer Seeks Investors’ Contribution to Crypto Project Fund in Bhutan
  • Bitdeer Technologies proposed to develop green crypto mining in Bhutan.
  • The project aims at establishing carbon-free mining, utilizing Bhutan’s hydroelectric power.
  • The company seeks the contribution of investors to the project’s $500 million fund.

Bitdeer Technologies, the digital asset mining service company, announced the company’s proposal to develop “green crypto mining” in Bhutan to establish carbon-free mining, utilizing the Himalayan nation’s hydroelectric power. 

Notably, Bitdeer Technologies announced in a statement on Wednesday that the company would approach its investors seeking their contribution to the fund needed for the project. Presumably, an overall amount of $500 million would be necessary to establish the green crypto-mining project in Bhutan.

According to the report, the company would raise a 100-megawatt project in Bhutan, the construction of which would begin by the second quarter of 2023. It was also added that the project would be finalized in July through September. 

Ujjwal Deep Dahal, the CEO of Druk Holding & Investments commented that mining is one of the most feasible ways to extract the maximum opportunities of the crypto industry, adding:

It’s important for us to look to look at assets that are low volume, high value, or digital assets of that matter, and try to position ourselves in a way that we can be competitive globally over time to build our economy.

The CEO of Bitdeer Technologies, Matt Linghui Kong, declared that both Bitdeer and Druk would contribute to the new project’s estimated fund. Dahal added that the nation would currently focus on mining the leading crypto asset Bitcoin.

It is noteworthy that the country has been researching various methods to diversify an economy reliant on hydropower revenues. For years, Druk has been working on various traditional investment areas including stocks, real estate, and technology along with the recent approach to crypto mining, acknowledging it as a “future-facing” strategy.