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Bhutan Taps Bitdeer as Partner to Raise $500M in Funding for Bitcoin Mining

Bhutan plans to establish a $500M fund to finance crypto-mining projects and related infrastructure to generate revenue and boost its economy. Jihan Wu's Bitdeer, a leading provider of cloud-based crypto mining services, is expected to collaborate on various mining projects. Singapore-based Bitdeer will serve as the overall partner of the fund, while Druk Holding & Investments will act as a strategic partner.

The fundraising is expected to start by the end of this month and the fund will create job opportunities in Bhutan. However, there are concerns about the environmental impact of crypto mining, particularly in countries relying heavily on hydropower. Additionally, the crypto mining industry faces operational difficulties due to factors affecting profitability, such as increased energy costs and market price falls.

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