Jihan Wu’s Bitdeer launches fund to mine bitcoin in Bhutan: report

Singapore-headquartered bitcoin mining firm Bitdeer Technologies founded by Jihan Wu has launched a closed-end fund dedicated to mining bitcoin in Bhutan, as the company steps up operations in the South Asian nation, crypto news outlet Wu Blockchain reported Friday.

Bitdeer has started to raise capital for the Bitdeer Green Bitcoin Fund, which aims to gain returns from bitcoin mining operations in Bhutan. With a duration of six years, the fund plans to raise $80 million for its first-phase construction project with a minimum investment threshold of $5 million from investors, according to the report.

With the fund, Bitdeer targets to build mining projects in Bhutan with total hashrate amounting to nearly 20 EH/s.

Bitdeer confirmed the report when contacted by The Block for comment.

Ambition in Bhutan

Bitdeer, a spinoff from Chinese mining rig maker Bitmain cofounded by Jihan Wu, has been expanding its presence in the Himalayan kingdom.

In May, Bitdeer announced a partnership with Bhutan’s state-owned investment company Druk Holding and Investments to raise up to $500 million for a crypto mining fund.

“We are excited to be working alongside DHI in accessing Bhutan’s zero-emissions power to sustainably enable the blockchain technologies that will eventually form an immutable bedrock for a global store of value,” Jihan Wu, chairman of Bitdeer, said at the time.

Bitdeer went public on Nasdaq in April via a special purpose acquisition company merger, with a valuation of US$1.18 billion. Its stock price climbed 1.96% in after-hours trading on Thursday.