Bhutan Teams Up With Bitdeer to Develop 600 MW Bitcoin Mining Farm
The Himalayan Kingdom of Bhutan has reportedly teamed up with Bitdeer Technologies Group to develop a 600-megawatt Bitcoin mining farm. This ambitious endeavor aims to not only harness the power of Bitcoin but also empower Bhutanese citizens to actively participate in the modern global economy right from their homeland.
Bhutan's Green and Affordable Power
The Southeast Asian kingdom of Bhutan, known for its stunning landscapes and serene beauty, has reportedly set its sights on developing a Bitcoin mining farm. Partnering with Bitdeer Technologies Group, Bhutan is embarking on an exciting journey into the world of digital assets. Reports from Nikkei Asia confirm that Bitdeer has already initiated its quest to raise USD 500 million in capital from investors worldwide.
Ujjwal Deep Dahal, the CEO of Druk Holding and Investments, revealed why Bhutan is the ideal destination for Bitcoin mining. Despite facing geographical challenges as a landlocked and mountainous country, Bhutan has green and relatively affordable power.
"While Bhutan faces geographical constraints and connectivity challenges, being landlocked and mountainous, its green and relatively cheaper power provides an opportunity to invest in digital assets to build a more connected and sustainable economy," he said.
Empowering Citizens for the Modern Global Economy
Dahal explained that this venture would not only unlock the potential of Bhutan's green power but also educate and engage the local residents in the intricacies of crypto mining. Bitcoin mining in the kingdom is not about boosting the economy but about helping “equip citizens to participate in the modern global economy from within Bhutan.”
The Nikkei Asia report hinted at the substantial benefits this crypto-mining venture could bring to Bhutan. At a time when the Bhutanese economy is still grappling with the aftermath of COVID-19 and foreign exchange challenges, crypto mining emerges as a ray of hope.
According to the report, the first 100 megawatts (MW) of crypto-mining operations are set to commence this September. Bhutanese officials are optimistic, expecting this capacity to scale up to a remarkable 600 MW within the next three years.
Prioritizing Domestic Power Needs
Under the terms of the agreement between Bitdeer and Bhutan's Druk Holding and Investments, domestic power requirements will receive top priority. However, during the winter months when power generation falls, mining operations will be temporarily suspended to ensure sufficient energy for the local populace, as per the report.
This initiative in Bhutan marks not only a leap into the future of crypto mining but also a profound commitment to harnessing green energy for the benefit of its people. As Bhutan takes its first steps into the world of Bitcoin mining, the kingdom's unique power advantage promises to light the way toward a more connected and sustainable future.
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