The Druk Holding and Investments (DHI) has announced a strategic partnership with Bitdeer Technologies Group, a cryptocurrency mining company listed in the US’s Nasdaq Stock Exchange, to develop environmentally sustainable, carbon-free digital asset mining operation in the country.
According to a joint news release, the partnership is expected to create local jobs in areas ranging from engineering to project management, supervisory, and supportive functions.
The news release also states that the partnership will generate economic activity and foreign currency revenue for the country.
The Chief Executive Officer of the DHI, Ujjwal Deep Dahal said “the partnership represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation.”
According to the news release, the DHI and Bitdeer expects to launch the partnership by establishing a closed-end fund, which is estimated at up to USD 500 M.
The Chairmain of Bitdeer Technologies Group, Jihan Wu, said “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 fundraising is expected to commence at the end of May, with the goal to attract investment from the international community.
The fund raised will be channelled towards greenfield operations in Bhutan, including the construction of data centres and the acquisition of cutting-edge technology.
The investment aligns with Bhutan’s ambitious plans to accelerate the country’s digital transformation and economic diversification by exploring emerging sectors states the news release.
Bitdeer has mining data centres in the United States and Norway and is headquartered in Singapore. Bitdeer Technologies Group commenced trading on Nasdaq on the 14th of April.
