Bitdeer Technologies Group (Bitdeer), a Nasdaq-listed technology company for the cryptocurrency mining community, and Druk Holding and Investments (DHI), the commercial arm of the Royal Government of Bhutan, have on Wednesday announced a strategic partnership to develop environmentally sustainable, carbon-free digital asset mining operations in the Kingdom of Bhutan.

Bitdeer said in a statement that Bitdeer and DHI expect to launch the partnership through establishing a closed-end fund with an estimated size of up to $500 million.

The fundraising is expected to commence at the end of May, with the goal to attract investment from the international community.

The fund will leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan.

Bitdeer will serve as the general partner, while DHI will act as a strategic limited partner.

The capital raised will be channelled toward greenfield operations in Bhutan, encompassing the construction of datacenters and the acquisition of cutting-edge technology , which aligns with Bhutan’s ambitious plans to accelerate the Kingdom’s digital transformation and economic diversification by exploring emerging sectors.

This initiative includes investments in strategic areas such as renewable energy assets that include hydropower, green ammonia and the hydrogen fuel economy, and also in emerging technologies such as blockchain, artificial intelligence, machine learning systems, carbon credit platforms and the metaverse.

“We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the 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,” said Jihan Wu, Chairman of Bitdeer Technologies Group.

The upcoming carbon-free digital asset mining operations in Bhutan mark a crucial expansion into Asia of Bitdeer, complementing Bitdeer’s existing datacenters in Northern Europe and North America.

Expected to launch in May 2023, the partnership will enable Bitdeer to tap into Asia’s abundant resources, contributing to the flourishing regional ecosystem.

The partnership is expected to create local jobs in areas ranging from engineering to project management, supervisory and supportive functions.

At the same time, the partnership is expected to generate economic activity and foreign-currency-denominated revenue for local communities and the country.

“We are thrilled to partner with Bitdeer on this important development for DHI. DHI exists for the betterment of the lives of Bhutanese people today and for generations to follow,

“The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation,” said Ujjwal Deep Dahal, Chief Executive Officer of DHI.

Bitdeer is a technology company for the cryptocurrency mining community headquartered in Singapore. The firm commenced trading on Nasdaq on April 14.

The firm is committed to providing comprehensive digital asset mining solutions for its customers and handles complex processes involved in mining including miner procurement, transport logistics, mining datacenter design and construction, mining machine management and daily operations.

Bitdeer has mining datacenters deployed in the United States and Norway.

DHI is the commercial arm of the Royal Government of Bhutan, was established in 2007 to hold and manage the existing and future investments of the Royal Government for the long-term benefit of the people of Bhutan.

As the government-owned holding company in Bhutan, DHI holds shares of 21 different domestic companies operating in the manufacturing, energy, natural resources, financial, communication, aviation, trading and real estate sectors.

DHI’s wider portfolio contains investments across a range of asset classes that deliver exposure to traditional sectors and the industries driving the modern economy.

This includes global equities, fixed income and venture capital investments in promising startups; domestic and international real estate; renewable energy including hydropower generation; healthtech, biotech, life sciences and agritech; and digital asset mining and investment.

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