Himalayan nation leverages hydroelectric power for sustainable crypto mining, surpassing El Salvador in Bitcoin holdings.
Bhutan, a small Himalayan nation known for its breathtaking landscapes and unique approach to measuring national happiness, has made headlines with its significant investment in Bitcoin. This move has positioned Bhutan as a noteworthy player in the cryptocurrency world, despite its modest economic size.
The Bhutanese government has revealed that it holds over 13,000 Bitcoins, valued at more than $780 million. This substantial amount represents nearly a third of Bhutan's $3 billion GDP. The acquisition of these digital assets was primarily achieved through mining operations, leveraging the country's abundant hydroelectric resources.
Bhutan's Bitcoin mining activities are conducted in partnership with Bitdeer and Foundry USA. These collaborations have enabled Bhutan to utilize its renewable energy resources efficiently, with plans to expand mining facilities to a 600-megawatt capacity by 2025. This strategic use of clean energy not only supports sustainable practices but also enhances Bhutan's economic diversification.
Arkham Intelligence, a blockchain analytics firm, tracks Bhutan's Bitcoin holdings, highlighting the country's use of Bitcoin as a financial tool. Bhutan's approach focuses on self-custody of its digital assets, steering clear of riskier cryptocurrencies. This cautious strategy aligns with the country's broader financial goals of diversifying revenue streams and ensuring economic stability.
Bhutan is now the second nation, after El Salvador, to officially hold Bitcoin. Interestingly, Bhutan's Bitcoin holdings surpass those of El Salvador, showcasing its commitment to integrating digital assets into its financial framework. This move reflects a growing trend among nations to explore cryptocurrencies as viable economic assets.
