Singapore’s foremost Bitcoin mining company, Bitdeer, spearheaded by the famous Chinese billionaire, Jihan Wu, has launched an exclusive fund dedicated to Bitcoin mining in Bhutan. This move is part of the firm’s larger scheme to augment its mining operations in the South Asian nation.
Bitdeer Sets Eyes on $80 Million Fundraising in Phase One
Bitdeer has kicked off its fundraising drive for the Bitcoin Green Bitcoin (BGB) Fund, with a primary focus on augmenting Bitcoin mining expeditions in Bhutan. Renowned cryptocurrency journalist Colin Wu reports that the BGB Fund is set to operate for a span of six years, with an ambitious plan to raise $80 million for the inaugural phase of the construction project.
The Bitcoin Green Bitcoin Fund has established a minimum investment benchmark of $5 million for potential investors. Through this fund, Bitdeer has set out to launch mining projects, estimated to have a total hash rate of 20EH/s, in Bhutan.
In recent months, Bitdeer has been ramping up its initiatives and operations in Bhutan, capitalizing on the country’s zero-emissions energy sources and its welcoming attitude towards blockchain technology.
Back in May, the company publicized a collaboration with Bhutan’s state-owned investment corporation, Druk Holding and Investments (DHI), to raise up to $500 million from the global community.
In April, the Singapore-based mining company made its mark on Nasdaq through a $1.1 billion merger acquisition.
Bhutan: A Rising Star in Bitcoin Mining
Bhutan, a country celebrated for its breathtaking landscapes, has always been among the crypto-friendly nations on the Asian continent. This latest endeavor marks another milestone in the country’s journey towards expanding Bitcoin mining operations.
In April, a Forbes report disclosed that Bhutan has been discreetly mining Bitcoin since the coin’s price was $5,000. The royal government of Bhutan has been keen on utilizing the country’s hydroelectric plants to power its Bitcoin mine, the report added.
It appears that Bhutan’s government has been exploring partnerships with other mining companies apart from Bitdeer. As per Forbes, senior government officials, and entities, including DHI, have already held advanced discussions with various mining pools about operating a hydro-powered Bitcoin mine.
Bitcoin was last traded at $5,000 back in 2019. At the time of writing, Bitcoin is valued at $29,300, marking a 0.4% increase in the past day.
