The Kingdom of Bhutan and Bit Deer’s Plan
According to Bloomberg, Bhutan’s investment arm and Wu Jihan’s mining company Bitdeer Technologies Group plan to find investors for a fund worth up to $500 million, which will be used to develop green cryptocurrency mining in the Himalayas.
Financing for institutional investors will begin by the end of May this year, with the goal of establishing carbon-free digital mining using Bhutan’s abundant hydropower, according to a joint statement on Wednesday. In addition, according to a regulatory filing, Bitdeer expects to build a 100-megawatt power plant in Bhutan, with construction scheduled to start in the second quarter of this year and be completed from July to September this year.
As previously reported, the Kingdom of Bhutan has been using its renewable energy to operate Bitcoin mining operations for many years, and talks on hydropower projects have begun in 2020. Bitdeer was listed on Nasdaq on April 14.
