The two parties will establish a close-ended fund that will commence fundraising in May.

Bitdeer Technologies Group (NASDAQ: BTDR), a Singapore-based technology company for the cryptocurrency mining community, has partnered with Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan, to develop green digital asset mining operations in the Kingdom of Bhutan.

The partnership aims to establish a closed-end fund of up to $500 million, which will leverage Bitdeer’s expertise to advance DHI’s digital asset mining, investment, and blockchain initiatives in Bhutan. Bitdeer will serve as the general partner, while DHI will act as a strategic limited partner.

The fund will focus on constructing data centers and acquiring cutting-edge technology, including renewable energy assets such as hydropower, green ammonia, and hydrogen fuel economy, as well as emerging technologies such as blockchain, artificial intelligence, machine learning systems, carbon credit platforms, and the metaverse.

The carbon-free digital asset mining operations in Bhutan will enable Bitdeer to tap into Asia’s abundant resources and contribute to the flourishing regional ecosystem.

The partnership is expected to generate economic activity, foreign-currency-denominated revenue, and local jobs once it launches in May 2023.

The initiative aligns with Bhutan’s plans to accelerate the country’s digital transformation and economic diversification by exploring emerging sectors.

Bitdeer Technologies Group, which commenced trading on Nasdaq on April 14, 2023, already has datacenters in Northern Europe and North America.

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Image by Suket Dedhia from Pixabay