Jihan Wu, the former Bitmain executive, is making significant Bitcoin investments in Bhutan.
Wu is launching the Bitdeer Green Bitcoin Fund, which will target Bhutan’s mining industry.
The fund, which will be under the supervision of the country’s investment department, requires a minimum investment of $5 million and aims to raise $80 million in its initial phase.
In Bhutan, a new investment fund is emerging for investors, where Bitcoin mining has been conducted in secrecy by government officials since 2019. Jihan Wu, who left Bitmain under controversial circumstances in 2020 and received millions of dollars in compensation as well as the mining company Bitdeer, is making significant Bitcoin investments in Bhutan.
Investing in the Mining Industry
According to information provided by Wu Blockchain, Jihan Wu is launching the Bitdeer Green Bitcoin Fund. The fund, which targets Bhutan’s mining industry, will make investments in this area and will be under the supervision of the country’s investment department.
A Six-Year Investment of At Least $5 Million
Along with the investments, a construction that will produce 600 megawatts of energy is planned, with a total hash rate target of 20 exahash per second. The fund will run for six years. Those who want to participate in the fund must make a minimum investment of $5 million. The project is expected to raise $80 million in its initial phase.
Criticizing China
As is known, Jihan Wu had significant Bitcoin mining facilities in Bhutan in recent years. After China banned cryptocurrencies and mining, Wu, who criticized his country harshly, had left Bitmain under controversial circumstances.
Incidents Not Forgotten
Wu, who even had a fistfight in the company corridors with Micree Zhan, another founder of Bitmain, left the company in December 2020 after receiving his rights. One of these rights was the company Bitdeer. Bitdeer, a company listed on Nasdaq, has facilities in Norway and Bhutan outside the US. The company produces 100 exahash of energy per second globally.
Conclusion
30% of Bhutan’s gross domestic product is generated from hydroelectric power plants. It is reported that the energy gained from here provides power to nearly 1 million homes.
