Odaily Planet Daily News The Kingdom of Bhutan and Bitdeer Technologies Group have launched a plan to cooperate in establishing a 600-megawatt Bitcoin mining farm. Bitdeer is currently seeking to raise $500 million and has confirmed launch funding.
It is reported that the first 100 MW of crypto mining operations are expected to begin in September. Bhutanese officials also said they expect this number to rise to 600 MW within the next three years.
According to the agreement reached between Bitdeer and Bhutan’s DHI, only domestic demand should be prioritized. During the winter, when power generation drops, mining operations are shut down. (Bitcoin.com)
According to previous news, Bitdeer is selling the environmentally friendly Bitcoin mining private equity fund BGB. The fund’s investment goal is to obtain returns by owning and operating the Bitcoin mining industry in Bhutan. The construction target is 600 megawatts, and the estimated total computing power is close to 20 EH/s.
BGB Fund operates as a closed-end fund with a duration of 6 years (unless extended according to fund documents), a minimum investment of US$5 million, and the first phase of the project is expected to raise US$80 million.
In addition, Bitdeer entered into a common stock purchase agreement with B. Riley for up to $150 million.