Bhutan’s commercial arm, Druk Holding & Investments (DHI), has announced a partnership with Bitdeer Technologies, a crypto mining company founded by Jihan Wu, to raise up to $500 million for a crypto mining fund. The project aims to generate revenue denominated in foreign currency for Bhutan and its citizens while creating local employment opportunities.
Bitdeer is set to act as the general partner for the fund, while DHI will function as a limited strategic partner. The Singapore-based company expects to set up a 100-megawatt mining operation in Bhutan, with construction planned to commence in Q2 of this year and complete in the third quarter.
The project will additionally entail the development of a digital asset mining data centre that operates without producing carbon emissions, which DHI says represents an investment in a more connected and sustainable domestic economy.
Bhutan, a Himalayan nation with a populace of under one million, has been quietly mining Bitcoin for the past few years. DHI entered the mining space when the price of Bitcoin was around $5,000, according to the CEO Ujjwal Deep Dahal. Despite the recent market turmoil, DHI’s new partnership with Bitdeer shows Bhutan remains interested in crypto, and the project is expected to generate significant revenue for the country.
Bitdeer, a spinoff from Bitmain Technology, a Chinese bitcoin mining-chip manufacturing giant co-founded by Wu, was listed on Nasdaq last month through a reverse merger with a SPAC. According to a recent regulatory filing, the company is also exploring other sites to construct its mining data centres, initially focusing on North America, North Europe, Central Asia and Southeast Asia.
The partnership with Bitdeer is expected to bring significant benefits to Bhutan, creating jobs, generating revenue, and helping to position the country at the forefront of global innovation. With the construction of the mining operation set to begin in the coming months, Bhutan’s ambitions in crypto mining are set to continue.
