According to a joint statement from the companies, the fund is designed to develop carbon-free cryptocurrency mining, in which miners would use surplus energy from local hydroelectric power plants.
Fundraising for institutional investors will begin in late May. Bitdeer CEO Matt Linghui Kong said both companies will also invest in the new fund.
Ujjwal Deep Dahal, CEO of Druk Holding & Investments, called mining the least risky way to pursue cryptocurrency opportunities.
Over time, these activities will allow the country to become competitive in the global economic market, Dahal is convinced..
He recently admitted that his company has been mining bitcoin for years – since the days when it was worth about $5,000 a coin.
As for Bitdeer, a Singapore company owned by Chinese entrepreneur Jihan Wu, it is considered a major cryptocurrency miner with one of the largest mining centers in Texas.
Bitdeer executives plan to build a data center in Bhutan to handle up to 100 megawatts of data. Its construction will begin in the second quarter of this year and will be completed in July-September.
Many environmental activists believe bitcoin mining could lead to environmental disaster due to high electricity consumption.
Last year, however, Quantum Economics analysts refuted their fears, calling the miners “forest sanitarians,” consuming waste gas that could be released into the atmosphere and destroy the planet’s ozone layer.