In a recent announcement, DHI CEO Ujjwal Deep Dahal expressed that a new partnership with Bitdeer Technologies Group would contribute to Bhutan’s more sustainable domestic economy. The Nasdaq-listed mining company and Bhutan’s sovereign investment arm, Druk Holding and Investments (DHI), have joined forces to create eco-friendly and carbon-free digital asset mining operations in the Kingdom of Bhutan.
A Bold Venture: The $500 Million Closed-End Fund
Bitdeer and DHI plan to launch their partnership by establishing a closed-end fund valued at approximately $500 million. The companies intend to initiate their fundraising efforts by the end of May, seeking investments from around the globe to support this groundbreaking project.
Bitdeer’s chairman, Jihan Wu, expressed enthusiasm about collaborating with DHI. He states that the company would work alongside DHI to harness Bhutan’s zero-emission energy sources to bolster blockchain technologies. This innovative approach aims to establish a secure, unchangeable foundation for a universal store of value.
Wu also highlighted that the fund would serve as a platform for developing international stakeholder networks, contributing to the growth of Bhutan’s burgeoning tech sector.
Echoing Wu’s sentiments, DHI CEO Ujjwal Deep Dahal expressed his excitement about working with Bitdeer on this ambitious project. Dahal emphasized DHI’s commitment to enhancing the lives of Bhutanese citizens. He believes the partnership with Bitdeer represents a significant step towards a more sustainable domestic economy.
Economic Growth and Employment Opportunities
The collaboration between Bitdeer and DHI is expected to generate numerous employment opportunities in various fields, such as engineering, project management, and supervisory and supportive roles. In addition, this partnership is also anticipated to stimulate economic growth and bring in foreign currency revenue for both the local community and the nation as a whole.
In April, court documents revealed that the Kingdom of Bhutan had been discreetly investing millions in cryptocurrencies through its sovereign investment arm, DHI. This information came to light during the Celsius and BlockFi bankruptcy process.
Following the exposure of these clandestine investments, it was discovered that the Himalayan kingdom had been mining Bitcoin using hydropower since April 2019, when the cryptocurrency had a comparatively modest valuation.
A Future-Forward Collaboration
The partnership between Bitdeer Technologies Group and Bhutan’s DHI signifies a visionary approach to digital asset mining. By combining eco-friendly practices with advanced blockchain technology, this collaboration aims to create a more sustainable domestic economy in Bhutan, generating employment opportunities and driving economic growth.
Moreover, as the world continues to embrace digital currencies and blockchain technology, this pioneering alliance sets an example for others to follow in pursuit of a greener, more sustainable future.
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