Drug Holding & Investments, the investment arm of the Kingdom of Bhutan, has announced a partnership with Bitdeer Technologies Group.
Establish a $500 million cryptocurrency mining fund with the aim of developing a green cryptocurrency mining business.
The fund is looking for investors and fundraising will begin at the end of May. The purpose is to use Bhutan’s rich hydropower resources to establish a carbon-free digital mining industry.
Bhutan, a small, landlocked country in the eastern Himalayas, has long been known for its commitment to environmental protection and sustainable development. With the establishment of the Cryptocurrency Mining Fund, the country seeks to capitalize on the opportunities presented by the cryptocurrency industry while minimizing environmental risks.
Ujjwal Deep Dahal, CEO of Drug Holding & Investments, said mining cryptocurrencies is the lowest-risk opportunity for Bhutan to take advantage of the cryptocurrency industry as the country focuses on bitcoin for the time being.
With the establishment of the mining fund, Bhutan is poised to become a major player in the global cryptocurrency mining industry.
The partnership with Bitdeer Technologies Group, a leading cryptocurrency mining and cloud services platform, will provide the necessary expertise and resources to establish a successful cryptocurrency mining business in Bhutan.
The company is committed to promoting green mining practices and minimizing the environmental impact of cryptocurrency mining.