Bhutan to upgrade Bitcoin mining in Himalayas as 'halving' looms

economictimes.indiatimes.com:

Bitdeer Technologies Group are planning to ramp up their Bitcoin mining operation to help offset the revenue impact of an upcoming event known as the halving.

The partnership between Druk Holding & Investments and Nasdaq-listed crypto mining firm Bitdeer aims to invest in boosting Bhutan’s mining capacity sixfold through the introduction of cutting-edge hardware.

The planned upgrades will increase the Himalayan kingdom’s mining capacity by 500 megawatts by the first half of 2025, Matt Linghui Kong, chief business officer at Bitdeer, said in an interview. That would bring Bhutan’s total capacity to 600 megawatts.

The capital will be drawn from a $500 million fund that the pair began raising in May last year, when they unveiled plans to leverage Bhutan’s abundant hydroelectric power for Bitcoin mining. Kong said he expects to close the fund by July.

Did you Know?

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

Reduced Rewards

Bitcoin miners operate power-hungry computers that secure the blockchain, earning new tokens as a reward. These rewards are programmed to be cut in half every four