The Kingdom of Bhutan’s investment holding company and Nasdaq-listed Bitdeer Technologies Group plan to raise $500 million to implement a greenback cryptocurrency mining project in the Himalayas.
Fundraising begins at the end of May, and the goal of the project is to organize an environmentally friendly mining site powered by hydroelectric power plants in Bhutan, Bloomberg reported.
Mining is considered the least risky way to enter the cryptocurrency industry. With a population of 777,000, located between China and India, Bhutan has long sought to diversify its economy, which relies heavily on hydroelectricity revenue. Now the country is planning to organize bitcoin mining.
The state-owned company Druk Holding & Investments manages investments in traditional industries: stocks, bonds, technology, energy and real estate. A “future strategies” program is also being promoted, which envisages investments in cryptocurrency mining.
Registered in Singapore, Bitdeer is owned by a Chinese entrepreneur and one of the leading crypto miners headquartered in Texas. The company completed its merger with the SPAC last month and went public on the Nasdaq.
In Bhutan, Bitdeer plans to launch a 100 MW plant, which will start construction in the second quarter and be completed in the third quarter of 2023.