Bhutan's DHI CEO believes that the new initiative will bring economic growth to the country.
Bhutan's Druk Holding and Investments (DHI) and Bitdeer Technologies Group are collaborating to provide eco-friendly, carbon-free digital asset mining operations in Bhutan.
With the partnership, companies plan to establish a closed-end fund worth approximately $500 million. The firms revealed that the fundraising efforts are set to commence by the end of May and will aim to attract global investors.
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Bitdeer Technologies Group Chairman Jihan Wu shared his excitement about working with DHI, highlighting the utilization of Bhutan's zero-emission energy to support blockchain technologies.
When talking about the partnership, Wu claims that both companies hope to establish a foundation for a universal store of value and create a platform for developing international stakeholder networks that will contribute to Bhutan's tech sector.
DHI CEO Ujjwal Deep Dahal also expressed enthusiasm about the collaboration, emphasizing DHI's mission to improve the lives of Bhutanese citizens. Moreover, Dahal believes the partnership is a step towards a more sustainable domestic economy.
The joint effort is anticipated to create employment opportunities in various sectors, such as engineering, project management, and supervisory and supportive roles. It is also expected to stimulate economic growth and generate revenue in foreign currency for both the local community and the country as a whole.
Less than a month before the collaboration, the news broke that Bhutan's Druk Holding and Investments (DHI) has been secretly investing millions of dollars in cryptocurrencies through now-bankrupt crypto firms BlockFi and Celsius.
On top of that, it was recently revealed that, for four years, the Kingdom of Bhutan has been mining Bitcoin (BTC) using hydropower. The country allegedly started mining the largest cryptocurrency in terms of market capitalization when it was priced at around $5,000.
