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The Kingdom of Bhutan is optimistic about Bitcoin (BTC). After it became known that the small Himalayan kingdom of Bhutan was quietly accumulating cryptocurrency, the country is also mining Bitcoin. What’s more, a country with a population of less than 800,000 people uses green energy for its Bitcoin mining operations.
Known for its focus on “gross national happiness” and scenic scenery, Bhutan has found ways to harness its massive hydroelectric potential, which accounts for 30% of its GDP.
First reported in an exposé in Bhutan’s local news, followed by inquiries from Forbes, Bhutanese officials confirmed that mining began when the price of bitcoin was around $5,000 in April 2019. Since then, the price of bitcoin has skyrocketed to around $28,000 per coin.
The Kingdom is reportedly exploring partnership opportunities to further expand its mining operations. Notably, it is in talks with Nasdaq-listed mining company Bitdeer to provide 100 MW of power for a Bitcoin mining data center in Bhutan. This partnership will increase Bitdeer’s mining power by approximately 12%.
The extent of mining in Bhutan remains a mystery, with little information available about the location, size, and profitability of its mining farms. Some Druk Holding & Investments (DHI) employees have listed “cryptocurrency mining” 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, state-owned holding company DHI is known to have invested millions of dollars in crypto assets, managing the funds on behalf of its people.
Although the mainstream media claims otherwise, Bitcoin mining is the cleanest industry in the world, with more than 50% of its energy sources derived from renewable or clean energy sources. Bitcoin mining proponents such as MicroStrategy Chairman Michael Saylor explain that “99.92% of the world’s carbon emissions are from industrial uses of energy other than Bitcoin mining.” DHI said that due to cheap and abundant hydroelectric power, Bhutan is an ideal place to mine Bitcoin.
On the subject: How Bitcoin mining saved Africa’s oldest national park from bankruptcy
Bhutan adds to the long list of regions from East Africa to Scandinavia mining bitcoin through hydropower, one of the cheapest sources of clean energy available.
Cointelegraph has reached out to Druk Holding and Investments and will update the article when comment is received.