Bhutan, a small landlocked kingdom in the mountains of Himalaya with less than 800,000 people, has been mining bitcoin secretly for years, utilising green energy to power its mining operations.
Druk Holding and Investments (DHI), Bhutan’s largest and only government-owned holding company, has revealed that it has been mining Bitcoin for several years as part of its diversified portfolio. It is also interested in Ethereum.
Hydroelectricity powers Bhutan’s mining operations, which account for 30% of the country’s gross domestic product.
The magnitude of the mining activities, on the other hand, remains a mystery, with little information accessible on the location, size, and profitability of its mining farms.
The government opted not to inform its residents or international partners about this endeavour, but the state-owned holding corporation DHI has invested millions of dollars in bitcoin holdings on behalf of its people.
Bhutan’s entry into cryptocurrency mining is part of the country’s aim to boost economic growth, with technology being a significant component. According to the government spokesman, mining began a few years ago, when the price of bitcoin was around $5,000.
Bhutan is also in talks with the Nasdaq-listed mining startup Bitdeer to acquire 100 megawatts of power for a Bitcoin mining data centre in Bhutan, which would enhance Bitdeer’s mining capacity by approximately 12%.
