Jihan Wu’s Bitdeer Launched Fund to Mine Bitcoin in Bhutan

According to crypto news outlet Wu Blockchain, Bitdeer Technologies, a bitcoin mining company based in Singapore and founded by Jihan Wu, has launched a closed-end fund focused on mining bitcoin in Bhutan.

The company is expanding its operations in the South Asian nation and has begun raising funds for the Bitdeer Green Bitcoin Fund.

The fund seeks to generate returns through Bitcoin mining in Bhutan and has a duration of six years.

Its first-phase construction project aims to raise $80 million, with a minimum investment of $5 million from investors. Bitdeer aims to develop mining projects in Bhutan with a total hashrate of nearly 20 EH/s.

A company called Bitdeer, which was founded by Jihan Wu, a co-founder of Chinese mining rig maker Bitmain, has been expanding its reach in Bhutan.

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

Jihan Wu, the chairman of Bitdeer, expressed his excitement about the partnership, saying that they are looking forward to using Bhutan’s zero-emissions power to sustainably enable blockchain technologies.

Bitdeer recently went public on Nasdaq in April through a special purpose acquisition company merger, and its valuation is now at US$1.18 billion. On Thursday, its stock price went up by 1.96% during after-hours trading.

Lately, there have been more conversations about Bitcoin than other assets in the top 100. This is especially true since the FOMC raised rates and BTC’s value almost reached $30,000 once again. This increase in social dominance might signify fear, which could cause the price to rise.

Furthermore, Santiment has reported that the amount of Bitcoin available on exchanges has dropped to a 55-month low, which is a good sign for the cryptocurrency.

It seems like Bitcoin is moving towards self-custody. Although it briefly dropped below $30,000 last week, there were no significant reactions indicating fear, uncertainty, and doubt (FUD) or upcoming sell-offs. Currently, there are only 1.17 million BTC on exchanges, which is the lowest since November 2018.