Bitdeer, a Singapore-based blockchain and high-performance computing company, said that its 500-megawatt Bitcoin mining facility in Jigmeling, Sarpang, will be fully operational by mid-to-late next year. The company, listed on the NASDAQ stock exchange, operates data centres in the United States, Norway, and Bhutan.
Bitdeer and Druk Holding and Investments (DHI) entered into a strategic partnership last year to establish an environmentally sustainable, carbon-free digital asset mining operation in Bhutan.
The 500-megawatt Bitcoin mining facility in Jigmeling forms part of Bitdeer’s planned foreign direct investment in the country, initially announced with a target capacity of 600 megawatts.
The remaining 100-megawatt facility in Gedu has been operational since August last year.
In an email response, Bitdeer said that civil works at the Jigmeling site are complete, with the construction of transformer and container foundations currently underway.
The company added that the installation of transformers and electrical equipment will be executed in two phases, expected to conclude by mid-next year.
Bitdeer currently mines Bitcoin from its six data centres in the United States, Norway, and Bhutan. Seven more facilities are in the pipeline, including the Jigmeling site.
Although the company declined to disclose production figures from its Gedu facility, it revealed that it mined 150 Bitcoins in November, worth approximately 15 million US dollars at today’s prices.
Despite Jigmeling being poised to become one of Bitdeer’s largest Bitcoin mining facilities, the company said that projecting its output is challenging due to the dynamic nature of Bitcoin mining, which depends on network conditions and operational factors.
The Jigmeling mine will be fully powered by Bhutan’s hydropower dams, ensuring a carbon-free energy source.
Regarding the partnership’s goal to establish a closed-end fund of up to USD 500 million, Bitdeer said that “engagement with investors is ongoing, with discussions exploring various funding structures.”
When asked about employment generated through the projects in Bhutan under the DHI partnership, Bitdeer said that “specific numbers are confidential.”
Sherub Dorji
