The mining operations will be “carbon-free” according to the firms and the first expansion by Bitdeer into Asia.

Bitdeer Technologies Group and Druk Holding & Investments have partnered to develop a 100% carbon-free digital asset mining operation in the Kingdom of Bhutan. According to a press release sent to Bitcoin Magazine, the partnership aims to help accelerate Bhutan’s digital transformation and economic diversification, while expanding Bitdeer’s global footprint. The two firms will establish a closed-end fund worth up to $500 million, which will launch in May 2023. Bitdeer will serve as the general partner, while DHI will act as a strategic limited partner.

“The Partnership is expected to create local jobs in areas ranging from engineering to project management, supervisory and supportive functions,” the press release said. “At the same time, the Partnership is expected to generate economic activity and foreign-currency-denominated revenue for local communities and the country.”

Bitdeer’s Chairman, Jihan Wu, said, “We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value.”

“We are thrilled to partner with Bitdeer on this important development for DHI.” Ujjwal Deep Dahal, CEO of Druk Holding and Investments, commented. “DHI exists for the betterment of the lives of Bhutanese people today and for generations to follow.”

Bitdeer currently operates data centers in Northern Europe and North America. As the press release notes, the upcoming carbon-free bitcoin mining operation in Bhutan will mark a crucial expansion into Asia for Bitdeer, which “will enable Bitdeer to tap into Asia’s abundant resources, contributing to the flourishing regional ecosystem.”