{"id":78220,"date":"2023-05-03T14:27:06","date_gmt":"2023-05-03T11:27:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78220"},"modified":"2025-09-11T03:47:35","modified_gmt":"2025-09-11T00:47:35","slug":"bhutan-and-bitdeer-founder-jihan-wu-to-earmark-500-million-for-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bhutan-and-bitdeer-founder-jihan-wu-to-earmark-500-million-for-bitcoin-mining\/","title":{"rendered":"Bhutan and Bitdeer founder Jihan Wu to earmark $500 million for Bitcoin mining"},"content":{"rendered":"<p>The Bhutanese government-established Druk Holding &#038; Investments (DHI) and Bitdeer<a href=\\\"https:\/\/www.globenewswire.com\/news-release\/2023\/05\/03\/2659973\/0\/en\/Bitdeer-and-Druk-Holding-Investments-to-Jointly-Develop-Green-Digital-Asset-Mining-Operations-in-the-Kingdom-of-Bhutan.html\\\"> will create a fund<\/a> of $500 million to organise cryptocurrency mining in the kingdom.<\/p>\n<p>A fundraising drive is expected to begin in late May.<\/p>\n<p>The project is expected to create new jobs and bring foreign-exchange earnings to the local budget.<\/p>\n<p>The raised capital will be deployed to roll out the necessary infrastructure, in line with Bhutan&#8217;s ambitious plans to accelerate digital transformation and diversify the economy through exploration of new sectors.<\/p>\n<p>The latest initiative envisages investments in the development of renewable energy sources, as well as in new technologies such as blockchain, artificial intelligence, machine learning, carbon-credit platforms and metaverses.<\/p>\n<p>Bitdeer plans to build a data centre with a capacity of 100 MW. Construction of the facility is planned to begin in the second quarter of 2023 and to be completed within the following three months, according to a filing with the <a href=\\\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1899123\/000110465923047181\/tm237717-2_20f.htm\\\" title=\\\"\\\"><span data-descr=\\\"U.S. Securities and Exchange Commission\\\" class=\\\"old_tooltip\\\">SEC<\/span><\/a>.<\/p>\n<p>Bitdeer will be the general partner of the structure, with Druk Holding &#038; Investments as the strategic limited-liability partner.<\/p>\n<p>According to <a href=\\\"https:\/\/www.forbes.com\/sites\/iainmartin\/2023\/04\/30\/bhutan-bitcoin-mining-crypto\/\\\">Forbes<\/a>, Bhutan began mining Bitcoin when it was valued at around $5,000. The proceeds go to subsidising electricity and equipment costs.<\/p>\n<p>Druk Holding &#038; Investments, with assets of $2.9 billion<a href=\"https:\/\/forklog.com\/en\/news\/kingdom-of-bhutan-allocated-part-of-its-reserves-to-buy-cryptocurrency\"> was a client<\/a> of the bankrupt <a href=\"https:\/\/forklog.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\">BlockFi<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius<\/a>. According to the publication, liabilities to the platforms have been settled.<\/p>\n<p>In April 2023, Bitdeer<a href=\"https:\/\/forklog.com\/en\/news\/bitdeers-jihan-wu-takes-bitdeer-to-nasdaq-via-spac-deal\"> became a public company<\/a> through a reverse merger with a <span data-descr=\\\"Special-purpose acquisition company\\\" class=\\\"old_tooltip\\\">SPAC<\/span>.<\/p>\n<p>In 2021, Bhutan&#8217;s Royal Monetary Authority<a href=\"https:\/\/forklog.com\/en\/news\/ripple-to-help-bhutan-test-cbdc\"> entered into a partnership<\/a> with fintech company Ripple to conduct pilot testing <a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\">CBDC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Druk Holding &#038; Investments (DHI), established by the Bhutanese authorities, and Bitdeer, a mining-services provider, will create a $500 million fund to organise cryptocurrency mining in the kingdom.<\/p>\n","protected":false},"author":1,"featured_media":78221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,227],"class_list":["post-78220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-jihan-wu"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78220"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78220\/revisions"}],"predecessor-version":[{"id":78222,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78220\/revisions\/78222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78221"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}