Bitdeer to raise $500M for crypto mining in Bhutan

Bitcoin is a popular crypto asset that is widely known and accepted worldwide. With its impressive value and potential, there are countries that have been so open to it and one of those is the Himalayan Kingdom of Bhutan.

Though the country may be isolated from other nations that limit foreign influence, the country is progressive in terms of agriculture, infrastructure, and crypto adaptation. In fact, crypto assets have seen a bullish trend in the country.

Despite the illegality that surrounds gambling inside crypto casino platforms, people in Bhutan aren’t limited with what they can do with the said digital asset. The industry is also expected to get better as Bitdeer aims to raise $500 million to help boost the crypto mining industry in the country.

Bitdeer is a cloud mining platform that provides its users with computing power sharing services. As an easy-to-access service, it gives users a chance to access mining machines that are located in different data centres. From there, it will be easier to purchase mining contracts for different assets such as Bitcoin, Ethereum, and other coins.

Users of Bitdeer can enjoy a variety of mining pools and algorithms that allows them to keep track of their mining progress and earnings. As the platform intends to increase accessibility and user-friendliness of crypto mining, using it can be easier for users who might lack the technical knowledge to set up their own hardware.

Recently, this crypto mining firm, created by former CEO of Bitmain Technologies Jihan Wu, announced its partnership with Druk Holding & Investments (DHI), the commercial arm of the Royal Government of Bhutan.

According to a statement released, this Nasdaq-listed miner, together with the government's commercial arm, will set up a $500 million fund to attract foreign investors for the initiative. They aim to start their fundraising activities this month.

With the money raised, the company will be building data centres across the country. All of these will be hydro powered, just like how the country generates its electricity. It was also stated that the project for Bhutan will be to ‘accelerate the Kingdom's digital transformation and economic diversification by exploring emerging sectors’.

This Singapore-based company mentioned that this partnership will mark a crucial expansion to Asia. It will mean a lot to their growth. So far, they only have six mining locations under its operation in Washington, Texas, Tennessee, and Norway.

Among all the Asian countries, Bitdeer has chosen to work with the Kingdom of Bhutan for Bitcoin’s massive growth in the country. In fact, it was revealed that Bhutan has been dumping millions of dollars in BTC and other crypto assets.

These investments, which haven’t been formally disclosed, were only revealed upon the filing of bankruptcy filings of several lenders. It was unintentionally made public during the aftermath of the crypto epidemic, which resulted in the failure of multiple businesses.

To date, uncertainty surrounds Druk's assets and Bhutan’s current modernization projects such as the biometric digital identity system that had its 7-year-old crown prince as its first user. However, its disclosure raises concerns about the isolated country's involvement in the volatile crypto market.

Druk withdrew more than $65 million and deposited nearly $18 million in digital assets in the three months depicted in the Celsius filing. Still, this doesn't hinder the fact that Bitcoin and cryptocurrencies can be used in the country.

With the help of Bitdeer’s projects, mining can be made easier and much more convenient in the country. By pushing with their extensive efforts to raise funds for crypto mining, the activity will be made safer and more transparent within the nation. This will no doubt increase the number of crypto users in the country.

As a result, it will gain the trust of people to use crypto assets regardless of any issues that it might have caused. By resolving the issues that came before the partnership, locals in Bhutan can still expect to embrace the asset’s massive potential aside from waiting for them to be available inside crypto casino platforms.