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Bhutan puts Bitcoin mining plan in motion to power up economy

Fundraising starts as Himalayan kingdom aims to leverage hydro resources

Bhutan's hydroelectric power resources hold the key to its plan to become a Bitcoin mining center.   © Reuters

THIMPHU -- The tiny Himalayan kingdom of Bhutan, known for its Gross National Happiness development indicator, is embarking on a cryptocurrency mining project as it aspires to build a 21st-century economy.

The country has teamed up with Nasdaq-listed Bitdeer Technologies Group, based in Singapore, to develop a 600 megawatt mining farm for Bitcoin, the leading cryptocurrency. Bitdeer was due to establish a closed-end fund at the end of May, aimed at raising $500 million from international investors for the project. A high-level source close to the project confirmed that the fundraising drive indeed began as planned.

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