…to operate a fully carbon-free mining data centre

Staff reporter

Druk Holding and Investments (DHI) announced yesterday a strategic partnership with Bitdeer Technologies Group, a world-leading, Nasdaq-listed technology for the cryptocurrency mining community to develop environmentally-sustainable, carbon-free digital asset mining operations in Bhutan. 

According to the joint press release, the partnership is expected to create local jobs in areas ranging from engineering to project management, supervisory and supportive functions. 

At the same time, the partnership is expected to generate economic activity and foreign-currency-denominated revenue for local communities and the country, it added. 

Chief Executive Officer of DHI, Ujjwal Deep Dahal said, “The partnership represents an investment in a more connected and sustainable domestic economy, helping ensure we are at the forefront of global innovation. DHI exists for the betterment of the lives of Bhutanese people today and for generations to follow.”

Chairman of Bitdeer Technologies Group, Jihan Wu said, “We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value.”

According to the joint press release, the DHI and Bitdeer expect to launch the partnership by establishing a closed-end fund with an estimated size of up to USD 500 million.

“The new fund will also represent a pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan,” Jihan Wu said.

The fundraising is expected to commence at the May-end this year, with the goal to attract investment from the international community, the press release stated.

It added that the fund will leverage Bitdeer’s expertise and support to advance DHI’s digital asset mining and investment and blockchain initiatives in Bhutan. “Bitdeer will serve as the general partner, while DHI will act as a strategic partner.”

The capital raised will be channelised towards greenfield operations in Bhutan, encompassing the construction of data centres and the acquisition of cutting-edge technology, which aligns with Bhutan’s ambitious plans to accelerate digital transformation and economic diversification by exploring emerging sectors. 

The initiative includes investments in strategic areas such as renewable energy assets that include hydropower, green ammonia and the hydrogen fuel economy, and also in emerging technologies such as blockchain, artificial intelligence, machine learning systems, carbon credit platforms and the metaverse. 

The upcoming carbon-free digital asset mining operations in Bhutan mark a crucial expansion into the Asia of Bitdeer, complementing Bitdeer’s existing data centres in Northern Europe and North America. 

Singapore-headquartered Bitdeer Technologies Group commenced trading on Nasdaq on April 14 this year. Bitdeer has mining data centres deployed in the United States and Norway.