Bhutan Seeks a US$500 Million Cryptocurrency Fund

Check out this article's more info on Bhutan's request for a US$500 million cryptocurrency fund

Bhutan is in talks with Bitdeer Technologies Group, a Nasdaq-listed company, to find investors for a US$500 million cryptocurrency fund to help it develop green crypto mining in the Himalayas.

The raising support is supposed to begin towards the finish of May and the objective is to set up mining that is liberated from carbon, in this way taking advantage of Bhutan's bountiful hydroelectric power, as per an assertion delivered on Wednesday.

In an interview, Ujjwal Deep Dahal, CEO of Druk Holdings & Investments, said that mining is the least risky way for Bhutan to take advantage of cryptocurrency opportunities, and the country will initially concentrate on Bitcoin.

He went on to say, "It is important for us to look at assets that are low volume, high value, or digital assets that matter." He also said, "It is important for us to try to position ourselves in a way that we can be competitive globally over time to build our economy."

The mining capacity of Bitdeer would be increased by approximately 12% through this partnership. We hope to create 100 MW out of the 550 MW power supply from Bhutan, where the development of mining data center is supposed to start in the second quarter of 2023 and complete in the second from last quarter of 2024," Bitdeer said in a financial backer update on 19 April. It was not stated who would ultimately own it in the announcement.

The company first became interested in Bitcoin mining when the first cryptocurrency was valued at US$5,000, but it also had a small interest in Ethereum.