- The country will mine BTC at hydroelectric power plants
- Bitdeer will help them with this.
The other day, Bhutan declassified where they got bitcoins on their wallets. It turns out that the country has been mining for the last 4 years. Moreover, it constantly increases its investments in this industry. If in 2019 Bhutan allocated only $1.1 million for the import of computer chips, then in 2021 and 2022 this amount increased to $51 million and $142 million. The latter figure is 15% of the entire national budget.
Kingdom today announced about the new project. They will launch a $500 million fund that will promote green mining technologies. The project partner will be Bitdeer, which will help attract investors interested in this area.
The Himalayan Kingdom will host a funding round for the new fund as early as May. They want to create an eco-mining infrastructure and are ready to provide their hydroelectric power plants for this.
Note that Bhutan is a tiny country sandwiched between China and India. They receive the bulk of their income from hydroelectric power plants and the sale of electricity. The authorities want to diversify profits through new sources of income.
In addition, the mining company Bitdeer is preparing to launch a new 100 megawatt facility in Bhutan. Its construction will begin in the second quarter and be completed in July-September.
Bhutan exposed its bitcoins thanks to documents that became part of the BlockFi and Celsius lawsuit. Forbes writes that we are talking about millions of BTC, but the exact amount is unknown.
