As every part of the world is making money from cryptocurrencies, a small Asian country Bhutan also wants to get into the business. Recently, the country has approached the Nasdaq-listed company Bitdeer Technologies Group (crypto cloud mining service platform) for funding.
As per the reports, Bhutan asked for 500 million dollars, which will help them develop green crypto mining in the range of the Himalayas. The reports also suggest that the country will raise all its fund by the end of May 2023 and start setting up immediately.
According to the statement of Druk Holdings & Investments’ CEO, Ujjwal Deep Dahal, Bhutan is planning to set up carbon-free digital mining. Scroll down to read his full statement.
“Crypto Mining Is the Least Risky Way for Bhutan,” Stated Ujjwal Deep Dahal
via: Data Centre Knowledge
In the announcement, Druk Holdings & Investments’ CEO, Ujjwal Deep Dahal said, “It’s important for us to look at assets that are low volume, high value, or digital assets for that matter, and try position ourselves in a way that we can be competitive globally over time to build our economy.”
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Apart from that, the CEO also disclosed that the nation will focus on Bitcoin at first. He also added that mining appears to be the least risky method for Bhutan to take advantage of crypto opportunities.
On the other hand, Bitdeer Technologies Group is also excited about the business with Bhutan. As per the latest reports, this partnership will increase Bitdeer’s mining capacity by 12 percent.
In the investor update on 19 April 2023, Bitdeer said “We expect to generate 100 MW out of the 550 MW power supply from Bhutan, where the construction of mining data center is expected to begin in the second quarter of 2023 and complete in the third quarter of 2024.”
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