Bitdeer, Bhutan Seal Mining Operation Partnership

THIMPHU, BT – On Wednesday, Bitcoin mining firm Bitdeer (BTDR) announced its partnership with the Kingdom of Bhutan to set up cryptocurrency mining operations in the Southeast Asian country. 

We are so excited to share the news today that Bitdeer is developing green digital asset mining in the Kingdom of Bhutan to deploy 100% carbon-free hydroelectric power in a new mining datacenter and a range of employment and technology to benefit the people of Bhutan.… pic.twitter.com/B1xXWXH2bH

— Bitdeer (@BitdeerOfficial) May 3, 2023

Bitdeer and the government’s commercial arm, Druk Holdings & Investment, plan to establish a $500 million fund to raise money from international investors to fund the venture. The funds will be used to construct data centers powered by hydroelectric power, with Bhutan aiming to boost its digital transformation and economic diversification.

The partnership comes after Bitdeer was listed on the Nasdaq last month through a SPAC and has since seen its stock price drop. For Bitdeer, the partnership represents a significant expansion into Asia. The company currently operates six mining sites in Washing state, Texas, Tennessee, and Norway.