Bitdeer, a Singapore-based Bitcoin mining company led by Chinese billionaire Jihan Wu, has launched a closed-end fund to support its mining endeavors in Bhutan, a South Asian country known for its friendly stance towards cryptocurrencies. With plans to raise $80 million in the initial phase of the project, Bitdeer aims to take advantage of Bhutan’s zero-emissions power and favorable regulatory environment for blockchain technology.

Bitdeer’s newly established Bitcoin Green Bitcoin (BGB) Fund has set its sights on attracting investments for the expansion of Bitcoin mining operations in Bhutan. The fund, with a duration of six years, aims to raise $80 million for the first phase of construction projects. The minimum investment threshold for interested investors is set at $5 million.

The partnership between Bitdeer and Bhutan’s state-owned investment firm, Druk Holding and Investments (DHI), highlights the attractive attributes that Bhutan offers for Bitcoin mining companies. The country’s abundant zero-emissions power sources, including hydroelectric plants, provide a sustainable energy supply ideal for powering mining operations. Furthermore, Bhutan’s positive stance on blockchain technology and willingness to embrace cryptocurrencies have created an enabling environment for companies like Bitdeer.

Earlier this year, Bitdeer announced a partnership with DHI to raise up to $500 million from the global community. This collaboration aims to leverage Bhutan’s zero-emissions power to foster the growth and innovation of blockchain technologies. By establishing mining projects with an estimated total hashrate of 20EH/s, Bitdeer hopes to strengthen its foothold in Bhutan and contribute to the country’s vision of becoming a significant player in the Bitcoin mining industry.

Bhutan’s government has been actively exploring opportunities in Bitcoin mining since the coin’s price was at a mere $5,000. The country’s hydroelectric plants have been identified as potential power sources for supporting its own Bitcoin mining operations. Senior government officials and agencies, including DHI, have engaged in discussions with various mining pools to explore partnerships in operating hydro-powered Bitcoin mines.

Bitdeer’s ambitious plans, combined with Bhutan’s supportive regulatory environment and renewable energy resources, position the country as a rising destination for Bitcoin mining operations. As the global demand for cryptocurrencies continues to grow, Bhutan’s commitment to sustainable energy sources and innovative technologies offers a promising future for the country’s mining sector.

Bitdeer’s launch of the Bitcoin Green Bitcoin Fund marks a significant step towards expanding Bitcoin mining operations in Bhutan. With a goal to raise $80 million in the initial phase, Bitdeer aims to leverage Bhutan’s renewable energy sources and conducive regulatory environment to establish mining projects with a substantial total hashrate. As Bhutan continues its journey towards becoming a prominent player in the Bitcoin mining industry, collaboration between Bitdeer, DHI, and the international community will pave the way for innovative growth and advancements in both cryptocurrency and renewable energy sectors.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.