Bhutan’s investment arm, Druk Holding & Investments, has partnered with Singapore-based cryptocurrency mining platform Bitdeer to develop green digital asset mining operations in the kingdom, per a release.
Bitdeer and Druk Holding & Investments expect to launch the partnership through a close-ended fund with an estimated size of up to $500 million by the month end, with the goal to attract investment from the international community.
The collaboration aims to operate a 100% carbon-free mining data centre, accelerate Bhutan’s economic and digital transformation, and expand Bitdeer’s global footprint.
The capital raised will be used to start greenfield operations in Bhutan, including the construction of data centres, investments in strategic areas such as hydropower, green ammonia, hydrogen fuel economy, blockchain, artificial intelligence, machine learning systems, carbon credit platforms, and the metaverse.
“The partnership with Bitdeer to launch a carbon-free digital asset mining data centre represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation,” Ujjwal Deep Dahal, CEO of Druk Holding and Investments, said.
The venture is expected to create local jobs from engineering to project management, supervisory, and supportive functions and is expected to generate economic activity and foreign-currency-denominated revenue for local communities and the country.
Bitdeer provides comprehensive digital asset mining solutions for its customers and handles complex processes involved in mining. The company currently has mining data centres in the US and Norway.
“Announced shortly after our Nasdaq listing on April 14, 2023, this partnership with Bhutan’s Druk Holding & Investments marks a significant step in our global expansion in the Asia Pacific,” according to a tweet posted by Bitdeer’s twitter account.
Druk Holding & Investments, the commercial arm of the Royal Government of Bhutan, DHI holds shares of 21 different domestic companies operating in the manufacturing, energy, natural resources, financial, communication, aviation, trading, and real estate sectors.