Bhutan aims for $500-million crypto fund for mining in Himalayan ranges

Nasdaq-listed company Bitdeer Technologies’s interest in Bitcoin mining began when the maiden cryptocurrency was initially valued at $5000 but had a slight interest in Ethereum alongside.

Bhutan is in negotiations with the Nasdaq-listed company Bitdeer Technologies Group to seek investors for funds amounting to $500 million, which will help it develop green crypto mining in the Himalayas.

The fund raising is expected to commence towards the end of May and the goal is to set up mining that is free of carbon, thus tapping into Bhutan’s abundant hydroelectric power, according to a statement released on Wednesday.

Ujjwal Deep Dahal, CEO of the investment arm Druk Holdings & Investments, stated in an interview that mining is the least risky way for Bhutan to tap crypto opportunities and for now, the nation will focus on Bitcoin.

“It is important for us to look at assets that are low volume, high value or digital assets that matter, and try to position ourselves in a way that we can be competitive globally over time to build our economy,” he added.

This partnership would increase Bitdeer’s mining capacity by about 12%. “We expect to generate 100 MW out of the 550 MW power supply from Bhutan, where the construction of mining datacenter is expected to begin in the second quarter of 2023 and complete in the third quarter of 2024,” Bitdeer said in a investor update on 19 April. The announcement didn’t specify who would ultimately own it.

The firm’s interest in Bitcoin mining began when the maiden cryptocurrency was initially valued at $5,000 but had a slight interest in Ethereum alongside.