© Reuters.
Investing.com – Bhutan’s government’s investment body and public-listed Bitdeer Technologies Group have announced they are seeking investors to set up a $500 million fund to develop mining facilities de and other cryptos in the Himalayan region.
The round table will begin at the end of the month, and provides that the facilities will not emit carbon $, having recourse to hydroelectric energy, which is very abundant in Bhutan, according to a joint press release published on Wednesday.
Mining is the least risky way for Bhutan to exploit crypto opportunities and for now the country will focus on mining, said
Ujjwal Deep Dahal, managing director of Bhutan’s investment arm, Druk Holding & Investments, explained in an interview quoted by BBG that bitcoin mining is the least risky way for the country to take advantage of market opportunities. cryptocurrencies.
“It’s important for us to look at low-volume, high-value assets, or digital assets, and try to position ourselves so that we can be globally competitive over time to build our economy,” Dahal said.
The Singapore-based crypto company Bitdeer, which will assist Bhutan in its project, is one of the world’s leading cryptocurrency miners in terms of computing power and has one of the largest crypto mining centers in Texas. Its shares went public on the Nasdaq last month after completing a long-delayed merger with a SPAC.
In more detail, Bitdeer plans to begin the installation of a 100 megawatt power plant in Bhutan this second quarter. Construction is expected to be completed between July and September. Finally, note that the company and Druk will also invest in the planned new fund, according to Matt Linghui Kong, Managing Director of Bitdeer.