Singaporean mining firm Bitdeer is seeking to raise up to $500 million to build a carbon-free bitcoin (EXANTE: Bitcoin) mining hub in the Kingdom of Bhutan.
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According to a press release on Wednesday, Bhutan's sovereign investment fund Druk Holding & Investments will also participate in raising capital for the effort. The two plan to commence the fundraising by the end of May.
Jihan Wu, Chairman of Bitdeer, said the collaboration will represent a "pathway to foster global stakeholder networks that are driving growth and innovation in the technology sector in Bhutan."
As per a regulatory filing, Bitdeer plans to set up a 100-megawatt mining center in Bhutan. The beginning of construction is scheduled to start in Q2 and be completed in July through September.
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