Bhutan plans $500 million crypto mining fund with Jihan Wu's...
4 May 2023
Crypto News Source
Bhutan plans $500 million crypto mining fund with Jihan Wu's Bitdeer
Druk Holding & Investments (DHI), the commercial arm of Bhutan's government, and Jihan Wu's crypto mining company Bitdeer Technologies are seeking to jointly raise up to $500 million for a crypto mining fund. The fundraising process is expected to begin at the end of this month, the two entities announced Wednesday. Singapore-based Bitdeer will serve as the general partner of the fund and DHI will act as a strategic limited partner.
"The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation," Ujjwal Deep Dahal, CEO of DHI, said in the announcement. Bhutan, a Himalayan kingdom with a population of less than a million people, has been quietly mining bitcoin for the past few years, Forbes reported Friday. DHI, specifically, entered the mining space when the price of bitcoin was around $5,000, Dahal told the local newspaper The Bhutanese last week. Bitcoin is currently trading at around $28,600.
Druk Holding & Investments (DHI), the commercial arm of Bhutan's government, and Jihan Wu's crypto mining company Bitdeer Technologies are seeking to jointly raise up to $500 million for a crypto mining fund. The fundraising process is expected to begin at the end of this month, the two entities announced Wednesday. Singapore-based Bitdeer will serve as the general partner of the fund and DHI will act as a strategic limited partner.
"The partnership with Bitdeer to launch a carbon-free digital asset mining datacenter represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation," Ujjwal Deep Dahal, CEO of DHI, said in the announcement. Bhutan, a Himalayan kingdom with a population of less than a million people, has been quietly mining bitcoin for the past few years, Forbes reported Friday. DHI, specifically, entered the mining space when the price of bitcoin was around $5,000, Dahal told the local newspaper The Bhutanese last week. Bitcoin is currently trading at around $28,600.
Read more
