The Kingdom of Bhutan and Bitdeer have joined forces to create a sustainable future for cryptocurrency mining, with plans for a carbon-free operation.

Bitdeer Technologies Group, a leading cryptocurrency mining technology company, and Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, have announced a strategic partnership to develop environmentally sustainable, carbon-free digital asset mining operations in Bhutan. The partnership aims to promote Bhutan’s digital transformation and economic diversification by exploring emerging sectors.

The two companies plan to establish a closed-end fund, with an estimated size of up to $500 million, to raise capital for greenfield operations in Bhutan. Fundraising is expected to commence at the end of May, targeting investment from the international community. Bitdeer will act as the general partner, while DHI will serve as a strategic limited partner.

The funds raised will be used for the construction of data centers, acquisition of cutting-edge technology, and investments in strategic areas such as renewable energy assets, green ammonia, hydrogen fuel economy, and emerging technologies like blockchain, artificial intelligence, machine learning systems, carbon credit platforms, and the metaverse. The initiative aligns with Bhutan’s ambitious plans to accelerate the Kingdom’s digital transformation.

Jihan Wu, Chairman of Bitdeer Technologies Group, expressed excitement about the partnership and the opportunity to utilize Bhutan’s zero-emission power to enable blockchain technologies sustainably. Ujjwal Deep Dahal, CEO of Druk Holding and Investments, commented that the partnership represents an investment in a more connected and sustainable domestic economy, ensuring that Bhutan remains at the forefront of global innovation.

The partnership is expected to create local jobs in engineering, project management, supervisory, and supportive functions while generating economic activity and foreign-currency-denominated revenue for local communities and the country.

The carbon-free digital asset mining operations in Bhutan are a significant expansion for Bitdeer in Asia, complementing the company’s existing data centers in Northern Europe and North America. The partnership is expected to launch in May 2023 and will enable Bitdeer to tap into Asia’s abundant resources, contributing to the region’s flourishing ecosystem.