Bitdeer Launches Fund For Bitcoin Mining Operations In Bhutan

Bitdeer, a Bitcoin mining company headquartered in Singapore, has launched a closed-end fund to invest in the Bitcoin mining industry in Bhutan. This represents a part of the firm’s efforts to expand its mining operations in the South Asian country. 

Bitdeer Targets $80 Million In Project’s First Phase

Bitdeer, headed by Chinese billionaire Jihan Wu, has begun to raise money for the Bitcoin Green Bitcoin (BGB) Fund aimed at increasing Bitcoin mining operations in Bhutan. According to crypto reporter Colin Wu, the duration of the BGB Fund is six years, with plans to raise $80 million for the first-phase construction project.

The Bitcoin Green Bitcoin Fund has a minimum investment threshold of $5 million for investors. Through this fund, Bitdeer aims to establish mining projects – with an estimated total hashrate of 20EH/s – in Bhutan.

In recent months, Bitdeer has been increasing its ambition and activities in the kingdom of Bhutan, leveraging on the country’s zero-emissions power and friendliness towards blockchain technology.

In May, the company announced a partnership with Bhutan’s state-owned investment firm Druk Holding and Investments (DHI) to raise up to $500 million from the international community. 

Jihan Wu, Bitdeer’s Chairman, said in a press release:

We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable blockchain technologies that will eventually form an immutable bedrock for a global store of value. The new Fund will also represent a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan.

The Singapore-based mining company became listed on Nasdaq through a $1.1 billion merger acquisition in April.

Bhutan Makes Another Stride In Bitcoin Mining Operations

Bhutan, a country renowned for its beautiful landscapes, has always been one of the crypto-friendly nations in the Asian continent. And this latest development represents another boost to the country’s efforts towards Bitcoin mining.

In April, a Forbes report revealed that Bhutan has been quietly mining Bitcoin since the coin’s price was $5,000. Bhutan’s royal government has been looking to harness the country’s hydroelectric plants in order to power its own Bitcoin mine, the report said.

Bhutan’s government appears to have considered working with other mining companies besides Bitdeer. According to Forbes, senior government officials and agencies, including DHI, have held advanced meetings with various mining pools on operating a hydro-powered Bitcoin mine.

The last time that BTC traded at $5,000 was in 2019. As of this writing, Bitcoin is valued at $29,300, with a 0.4% increase in the past day.

BTCUSDT trading at $29,276.83 | Source: daily BTCUSDT chart from TradingView

Featured image from iStock, chart from TradingView