Bhutan plans $500-mn fund for cryptocurrency mining in the Himalayas

Bhutan’s investment arm and Nasdaq-listed company Bitdeer Technologies Group plan to seek investors for a fund worth up to $500 million that will be used to develop green crypto mining in the Himalayan kingdom.

Fund raising targeting institutional investors will begin at the end of May and the goal is to set up carbon-free digital mining that taps Bhutan’s abundant hydroelectric power, according to a joint statement on Wednesday.

Mining is the least risky way for Bhutan to tap crypto opportunities and for now the nation will focus on Bitcoin, Ujjwal Deep Dahal, the chief executive officer of the investment arm, Druk Holding & Investments, said.