Druk Holding and Investments (DHI) have partnered with Bitdeer Technologies Group, a Singapore-based company, to create green, carbon-free digital asset mining operations in Bhutan. Bitdeer Technologies Group is a Nasdaq-listed technology firm that specializes in cryptocurrency mining.
The partnership aims to generate economic activity and foreign-currency-denominated revenue for local communities and the country, while creating local jobs in areas ranging from engineering to project management, supervisory and supportive functions.
The partnership is expected to launch by establishing a closed-end fund with an estimated size of up to $500 million, which will leverage Bitdeer’s expertise to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan. Bitdeer will act as the general partner, while DHI will act as a strategic partner.
The capital raised will be used to build data centres and acquire cutting-edge technology, in alignment with Bhutan’s ambitious plans to accelerate digital transformation and economic diversification by exploring emerging sectors, including renewable energy assets such as hydropower, green ammonia, and hydrogen fuel.
Bitdeer Technologies Group Chairman Jihan Wu said the company was excited to access Bhutan’s zero-emissions power to enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value. The upcoming carbon-free digital asset mining operations in Bhutan mark a crucial expansion into Asia for Bitdeer, complementing its existing data centres in Northern Europe and North America.
DHI CEO Ujjwal Deep Dahal said the partnership represented an investment in a more connected and sustainable domestic economy, ensuring Bhutan was at the forefront of global innovation.
