- According to sources reached by COINOTAG on Friday, Bitdeer Technologies has launched a fund dedicated to Bitcoin mining as the company accelerates its operations in the South Asian country.
- According to the report, the fund aims to raise a total of $80 million for the first phase construction project with a minimum investment threshold of $5 million from investors for a period of six years.
- Bitdeer, a subsidiary of Bitmain, the Chinese mining equipment manufacturer founded by Jihan Wu, is expanding its presence in the Himalayan kingdom.
Bitdeer, Jihan Wu’s Bitcoin mining company, has established a fund to start Bitcoin mining in a South Asian country.
Bitdeer is Getting Ready to Mine in Bhutan
According to sources reached by COINOTAG on Friday, Bitdeer Technologies, a Singapore-based Bitcoin mining company founded by Jihan Wu, has launched a fund dedicated to Bitcoin mining in Bhutan as the company accelerates its operations in the South Asian country.
Bitdeer has started raising capital for the Bitdeer Green Bitcoin Fund, which aims to generate returns from Bitcoin mining operations in Bhutan. The fund, designed for a period of six years, plans to raise a total of $80 million for the first phase construction project with a minimum investment threshold of $5 million from investors.
With the fund, Bitdeer aims to create mining projects in Bhutan with a total hash rate of approximately 20 EH/s. When contacted for comment by COINOTAG, Bitdeer confirmed the report.
Bitdeer, a subsidiary of Bitmain, the Chinese mining equipment manufacturer founded by Jihan Wu, is expanding its presence in the Himalayan kingdom. In May, Bitdeer announced a partnership with Druk Holding and Investments, a state-owned investment company in Bhutan, to establish a crypto mining fund of up to $500 million.
Bitdeer President Jihan Wu said at the time, “We are excited to work with DHI to access Bhutan’s zero-emission power and will sustainably enable blockchain technologies that will ultimately create a solid foundation for a global store of value.”
In April, Bitdeer went public on Nasdaq through a special purpose acquisition company merger and had a valuation of $1.18 billion. The stock price increased by 1.96% after the market closed on Thursday.
Hydroelectric Power in Bhutan
Beneath the Himalayas, rivers fed by ancient glaciers provide the small kingdom of Bhutan with an enormous amount of hydroelectric power. The renewable resource accounts for 30% of the country’s gross domestic product, powering nearly all of its population of 800,000. However, in recent years, the Bhutanese royal government has quietly been using these reserves for a new purpose: running its own Bitcoin mine.
In April, Druk Holding and Investments, the largest and only state-owned holding company in the Kingdom of Bhutan, confirmed that it has been mining Bitcoin (BTC) for several years as part of its diversified portfolio. According to the company, Bhutan’s interest in Bitcoin mining began when BTC was valued at around $5,000, but local media reports suggest there is also some interest in Ethereum (ETH) in Bhutan.
The mining operation is supported by the renewable energy source generated through Bhutan’s hydroelectric projects. Specifically, the country produces about 100% of its electricity from renewable sources, resulting in excess electricity, making it ideal for Bitcoin mining.
