Bitdeer and DHI to Establish $500 Million Fund for Bitcoin Mining in Bhutan

Druk Holding & Investments (DHI), the business division of Bhutan’s Royal Government, is venturing into the world of cryptocurrencies, according to a recent report by Financial Times. In collaboration with Singapore-based crypto company Bitdeer, DHI aims to develop green digital asset mining operations in Bhutan.

The CEO of DHI, Ujjwal Deep Dahal, stated that Bhutan is focusing on new industries and sees crypto assets as a significant opportunity. DHI has been experimenting with investments in bitcoin mining and drone technology. The partnership with Bitdeer aims to establish a carbon-free digital asset mining datacenter in Bhutan, contributing to a more sustainable and connected domestic economy.

Bitdeer’s chairman Jihan Wu, expressed excitement about utilizing Bhutan’s zero-emission energy for blockchain technologies, which could serve as a foundation for a worldwide store of value. The collaboration plans to introduce a closed-end fund worth up to $500 million and build a 100-megawatt bitcoin mining facility in Bhutan, tapping into the region’s abundant resources.

Experts suggest that Bhutan could potentially become the world’s largest bitcoin miner per capita. Despite the challenges faced by bitcoin miners during the 2022 crypto winter, DHI’s CEO believes that the mining sector is relatively less risky compared to other verticals.

DHI, which manages $3 billion in assets, including international real estate, global equities, and startup ventures, sees bitcoin mining operations and other technologies as part of its future-facing investment strategy.

The firm’s involvement in cryptocurrency investments through Celsius and Blockfi was revealed earlier this year. Although DHI’s name appeared in bankruptcy filings related to these companies, the CEO declined to comment on the matter, citing confidentiality.

With its crypto initiatives, DHI aims to enhance its portfolio expansion and position Bhutan at the forefront of global innovation while leveraging the country’s renewable energy resources.

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