Bitcoin (BTC) mining firm signs deal with Bhutan

Bitdeer is a Singapore-based, Nasdaq-listed company specializing in bitcoin (BTC) mining. He recently signed a partnership with Druk Holding & Investments, the commercial arm of the government of Bhutan. The mining company plans to raise funds to carry out a new project as part of its expansion in Asia.

Bitdeer will be mining bitcoins (BTC) in Bhutan!

It was previously revealed that Bhutan has invested $2.9 billion in the crypto sector. Now, another news comes to demonstrate that this kingdom is determined to realize its incredible bet with crypto. Indeed, the land of happiness has signed a partnership with Bitdeer for the realization of bitcoin mining operations.

To realize the new project, Bitdeer plans to raise $500 million from international investors to establish a fund. In an email sent recently, it was revealed that fundraising efforts could begin this month. Once the capital has been raised, construction of data centers in the Southeast Asian country can begin.

The data centers that will be built will use hydropower for their power supply. It should be noted that Bhutan uses this energy for almost all of its electricity. The government has a specific objective with this new project. It’s about “ accelerate the Kingdom’s digital transformation and economic diversification by exploring emerging sectors “.

An advantageous partnership for the mining company

Bitdeer had a relatively tough year in 2022, with losses estimated at over $62 million. The crypto business was only able to record $82.6 million in profit. It therefore goes without saying that it must redouble its efforts this year to continue to offer its mining services.

In this context, Bitdeer has explained that its agreement with Bhutan marks “ a crucial expansion in Asia “. It must be said that the Singapore-based company currently has six mining sites. These are spread across Washington State, Texas, Tennessee, and Norway.

The new project comes 6 months after Bitdeer announced a new fund for miners at risk. The company wanted to raise $250 million to acquire the assets of struggling BTC mining businesses.

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