According to a joint statement from the companies, the fund is designed to develop carbon-free mining of cryptocurrencies, in which miners will use excess energy from local hydroelectric power plants. Fundraising for institutional investors will begin at the end of May. Bitdeer CEO Matt Linghui Kong revealed that the two companies will also be investing in the new fund.
Druk Holding & Investments CEO Ujjwal Deep Dahal called mining the least risky way to exploit the power of cryptocurrencies. Over time, these activities will allow the country to become competitive in the global economy, Dahal said. He recently admitted that his company has been mining bitcoin for several years, from the time when it cost about $5,000 per coin.
As for Singapore-based Bitdeer, owned by Chinese entrepreneur Jihan Wu, it is considered a major cryptocurrency miner with one of the largest mining centers in Texas. The management of Bitdeer plans to create a data center in Bhutan for data processing up to 100 megawatts. Its construction will begin in the second quarter of this year and will be completed in July-September.
Many environmental activists believe that bitcoin mining can lead to an environmental disaster due to its high electricity consumption. However, last year, Quantum Economics analysts dismissed their concerns, calling the miners “forest nurses” consuming waste gas that could be released into the atmosphere and destroy the planet’s ozone layer.
Source: Bits
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