Bhutan’s Bitcoin holdings: an empire powered by renewable energy
Bhutan, a small kingdom nestled on the eastern slopes of the Himalayas, is in the news for a surprising reason: its vast holdings of Bitcoin. According to a report by Arkham Intelligence, Bhutan currently holds 13,011 BTC, worth around $780 million. Unlike other states, these holdings do not come from judicial seizures, but from a Bitcoin mining business fueled by the country’s renewable resources.
Bitcoin
2024-09-17
Table of contents
A unique strategy based on green mining
Since early 2023, Bhutan has stepped up its mining operations, with the help of its financial arm, Druk Holdings & Investments (DHI). The kingdom takes advantage of its abundant hydroelectric resources, a clean, renewable energy source, to power its mining farms. This approach makes Bhutan one of the few countries to mine cryptocurrencies in a totally environmentally friendly way. In May 2023, a collaboration between DHI and Bitdeer enabled the development of 100% carbon-neutral mining facilities, placing the country at the forefront of the movement for eco-responsible mining.
Planned expansion
- Bhutan has no intention of stopping there. The facilities, formerly located on the site of the “Education City” project, have expanded and an increase in mining capacity is planned. Bloomberg reports that mining power is set to rise from 100 to 600 megawatts in the coming years, thanks to an ever-stronger partnership between DHI and Bitdeer.
Conclusion
Bhutan, known for its Gross National Happiness policy and commitment to sustainability, is blazing a new trail in the cryptocurrency world. Its investment in environmentally-friendly mining positions it as a leading player in the Bitcoin world, while remaining true to its ecological values. When it comes to cryptocurrency, the future of this small nation looks brighter than ever.
Source: https://bitcoinmagazine.com/markets/bhutans-bitcoin-holdings-revealed-kingdom-owns-780m-in-btc-from-mining#:~:text=%22Bhutan%20is%20the%204th%20largest,up%20dramatically%20since%20early%202023.%22, consulted on 17.03.24
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