The Nasdaq-listed Bitdeer, a crypto mining agency helmed by the previous CEO of Bitmain Applied sciences Jihan Wu, right this moment introduced a strategic partnership with Druk Holding & Investments (DHI), the industrial arm of the Royal Authorities of Bhutan.
The scope of the partnership is to launch crypto mining operations that can deploy “100% carbon-free” hydroelectric energy in a brand new mining heart within the Kingdom of Bhutan, the corporate mentioned in a press launch Wednesday.
To that finish, Bitdeer and DHI plan to ascertain a closed-end fund with a purpose of elevating as much as $500 million “from the worldwide group,” learn the announcement.
The fundraiser is predicted to start by the top of the month.
“We’re excited to be working alongside DHI in accessing Bhutan’s zero-emissions energy to sustainably allow the blockchain applied sciences that can ultimately kind an immutable bedrock for a worldwide retailer of worth,” Bitdeer chairman Jihan Wu mentioned in a press release. The enterprise is hoped to additionally drive tech progress within the area, mentioned Wu.
The Singapore-based Bitdeer, which has already deployed cryptocurrency mining knowledge facilities within the U.S. and Norway, went public final month on the Nasdaq change via a particular objective acquisition firm (SPAC) merger with Blue Safari Group.
As per a regulatory submitting, Bitdeer is planning to ascertain a 100-megawatt operation in Bhutan, with development scheduled to start within the second quarter of 2023 and conclude between July and September.
Bitdeer did not instantly reply to Decrypt’s request for remark.
Betting on low-cost hydropower
Sandwiched between the Tibet Autonomous Area of China and several other northern states of India, Bhutan boasts an abundance of low-cost electrical energy generated by hydroelectric crops constructed alongside the banks of the nation’s rivers.
This makes Bhutan a pure selection for crypto mining, with a latest The Bhutanese report claiming that DHI was one of many early entrants within the native mining trade when the value of Bitcoin was round $5,000.
The final time the main cryptocurrency traded at these ranges was in March 2020, in response to CoinGecko.
Notably, the report additionally mentioned DHI has beforehand borrowed funds from the now-bankrupt crypto lending firms BlockFi and Celsius, with the corporate’s CEO Ujjwal Deep Dahal asserting that “Bhutan had borrowed some digital belongings as a mortgage to make sure investments and every part has been paid again and settled with no dues.”
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