The Kingdom of Bhutan is bullish on Bitcoin (BTC). following the revelation that the small Himalayan kingdom of Bhutan has been quietly accumulating cryptocurrency, the country is also mining Bitcoin. Additionally, the country of less than 800,000 people harnesses green energy to power its Bitcoin mining operations.
Known for its focus on "Gross National Happiness" and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential, which accounts for 30% of its GDP.
First reported in a expose In local Bhutanese news followed by inquiries from Forbes, Bhutanese officials confirmed that mining started when Bitcoin price hovered around $5,000 in April 2019. Since then, Bitcoin price has skyrocketed to about $28,000 per coin.
The Kingdom has reportedly explored partnerships to further expand its mining operations. In particular, it is negotiating with Nasdaq-listed mining company Bitdeer to secure 100 MW of power for a Bitcoin mining data center in Bhutan. This partnership would increase Bitdeer's mining capacity by approximately 12%.
The scale of Bhutan's mining operations remains a mystery, with little information available on the location, size, and profitability of its mining farms. Some Druk Holding & Investments (DHI) employees have listed โcrypto miningโ as their tasks and skills on their LinkedIn profiles.
It is also unclear why the government chose not to disclose this project to its citizens or international partners. However, the state holding company, DHI, is known to have invested millions of dollars in cryptocurrency holdings, with the funds managed on behalf of its people.
Although the mainstream media would indicate otherwise, Bitcoin mining is the cleanest industry in the world: more than 50% of its energy sources come from renewable or clean energy sources. Proponents of Bitcoin mining, such as the president of MicroStrategy Michael Saylor, explains that "99.92% of the world's carbon emissions are due to industrial uses of energy other than bitcoin mining." Due to cheap and abundant hydropower, DHI reported that Bhutan is an ideal destination for Bitcoin mining.
Related: How Bitcoin Mining Saved Africa's Oldest National Park From Bankruptcy
Bhutan joins a long list of regions East African to Scandinavia Mines Bitcoin With Hydropowerone of the cheapest clean energy sources available.
Cointelegraph has reached out to Druk Holding and Investments and will update the article when it receives feedback.
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