Bhutan, the Himalayan Kingdom, has initiated a partnership with Bitdeer Technologies Group to establish a 600-megawatt cryptocurrency mining farm. The project, announced on Thursday, is part of an effort to modernize Bhutan's economy by facilitating its citizens' global participation from within the country.
Bitdeer Technologies Group has been entrusted to raise $500 million from international investors for this venture. Reports indicate that the fundraising campaign is already underway.
Ujjwal Deep Dahal, CEO of Druk Holding and Investments (DHI), highlighted Bhutan as an ideal location for Bitcoin mining. Despite geographical and connectivity challenges due to its mountainous and landlocked nature, Bhutan's access to green energy and relatively lower power costs make it an attractive investment destination for digital assets. Dahal emphasized that this project could spur a more interconnected and sustainable economy in the region.
The CEO also stressed that the crypto mining initiative would bolster local residents' understanding of and involvement in the sector. This could empower Bhutanese citizens to actively participate in the global economy without leaving their homeland.
The Bhutanese economy, currently grappling with COVID-19 impacts and foreign exchange issues, could significantly benefit from this crypto-mining venture. Initial operations accounting for the first 100 megawatts are slated to begin this month. Officials anticipate that capacity will increase to 600 MW within the next three years.
As part of their agreement, Bitdeer and DHI have ensured domestic power needs will take precedence. Mining operations will be temporarily halted during winter months when power generation decreases. This measure underscores the commitment to balance economic growth with local energy needs.
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