Bitdeer, a bitcoin mining company (BTDR), has announced that it will be working with the Bhutanese government to set up cryptocurrency mining operations within the country.

According to a statement sent by email on Wednesday, the Nasdaq listed miner, Druk Holding & Investments and the government commercial arm will create a $500m fund to attract international investors to the venture. Fundraising efforts are expected to begin this month.

The money raised will be used for the construction of data centers throughout the country. The data centers will be powered using hydropower , which supplies the country with nearly all its electricity . The goal of the project is “to accelerate the Kingdom’s economic diversification and digital transformation by exploring emerging sectors.”

The partnership “marks a critical expansion into Asia” for Bitdeer. The firm currently operates six mines in Washington, Texas, Tennessee, and Norway.

Bitdeer was listed on Nasdaq in the last month by Blue Safari Group Acquisition Corp., a special purpose acquisition company. BTDR is down nearly 30% since listing. The stock closed Tuesday at $7.19.

Bitdeer, like many of its peers, suffered a disastrous 2022. It lost $62.4 million, compared to $82.6 million in profit the previous year. As a result of falling crypto asset values and rising energy costs, the mining industry suffered a torrid 2022. A number of companies filed for bankruptcy.

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Sheldon Reback is the editor.