Bhutan is looking to raise $500 million to expand its Bitcoin (BTC) mining business

Le Bhoutan veut lever 500 millions de dollars pour développer son activité de minage de Bitcoin (BTC)

Bhutan has just partnered with Bitdeer Technologies Group for an ambitious $500 million fundraising to boost its Bitcoin (BTC) mining business. The country plans to use renewable energy sources such as hydroelectricity to support the development of this activity while creating local jobs at the same time.

Bhutan continues to encourage Bitcoin mining

A few days ago, we learned that Bhutan has been mining Bitcoin (BTC) since its price reached $5,000, and that the country has also invested thousands of dollars in cryptocurrency from lenders BlockFi and Celsius.

today, Druk Holding & Investments (DHI), the financial arm of the Kingdom of BhutanThree official press releases announced a strategic partnership with Bitdeer Technologies Group, a Singaporean company specializing in cryptocurrency mining solutions, whether in terms of design, logistics or maintenance.

So, the two entities announced together that they would begin raising $500 million at the end of Mayin order to attract investment from the international community.

According to the press release, the money collected will be used to finance and develop mining activities in Bhutanand this through the use of renewable energy such as hydroelectricity (whose operations represent 30% of Bhutan’s GDP), green ammonia and hydrogen.

The operation, apart from the activity related to the development of Bhutanese cryptocurrencies, will to create a significant number of local jobs, both in terms of engineering and supervision and support trades. A major operation, reflecting Bitdeer’s very recent entry on the Nasdaq stock exchange (ticker BTDR).

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Bhutan pioneer BTC mining

Bhutan’s interest in Bitcoin, although it goes back a few years, was only revealed recently. This small country in South Asia, with about 800,000 inhabitants and located in the Himalayan range, he actually mined BTC since at least 2019 to diversify his activities.

Its partnership announced here with Bitdeer shows Bhutan’s continued interest in the king of cryptocurrencies, despite the market turmoil last year. And this is thanks to a mining system based on renewable energy, which will help strengthen the national economy and improve the lives of the inhabitants, as Jihan Wu, president of Bitdeer, pointed out :

“We are excited to work with DHI to access zero emission energy from Bhutan to sustainably enable blockchain technologies that will be the irreducible foundation for a global store of value. The new fund will also pave the way for fostering global stakeholder networks that are driving growth and innovation in Bhutan’s technology sector. »

Along with its existing facilities in North America and Europe, Bitdeer plans to leverage this partnership to fully develop its cryptocurrency mining activities in Asia.

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Source: Press release

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