Bhutan is in negotiations with the Nasdaq-listed company Bitdeer Technologies Group to seek investors for funds amounting to $500 million. It will help it develop green crypto mining in the Himalayas.
The fundraising is expected to commence towards the end of May and the goal is to set up mining that is free of carbon. Thus tapping into Bhutan’s abundant hydroelectric power, according to a statement released on Wednesday.
Ujjwal Deep Dahal, CEO of the investment arm Druk Holdings & Investments, stated in an interview. Mining is the least risky way for Bhutan to tap crypto opportunities and for now, the nation will focus on Bitcoin.
“It is important for us to look at assets that are low volume, high value or digital assets that matter, and try to position ourselves in a way that we can be competitive globally over time to build our economy,” he added
The firm’s interest in Bitcoin mining began when the maiden cryptocurrency was initially valued at $5,000 but had a slight interest in Ethereum alongside.