The Kingdom of Bhutan, located in the Himalayan mountains, has recently revealed a secret that rocked the international financial market: the country has been quietly mining cryptocurrency for years without telling anyone, including its citizens.
Even more surprising is the fact that Bhutan has been able to mine cryptocurrency in a sustainable way, unlike the methods that have been widely criticized for their use of large amounts of electricity. Bhutan was able to mine tokens using its massive stores of hydroelectricity, a renewable and “green” source of energy.
Bhutan has an abundance of hydroelectricity, thanks to the ancient glaciers feeding its many rivers. Hydroelectricity currently fuels the homes of Bhutan’s 777,000-strong population, representing 30% of the country’s GDP. This immense resource is also being used for another purpose that could boost and sustain the country’s economy in the future: the creation of its own cryptocurrency mines.
Bhutan’s crypto mine operations could be a solution to the country’s economic independence, which it has struggled to establish for years. The country’s resources and environment make it an ideal space for digital asset mining operations. Hydroelectricity is cheap, and the country’s mountains provide the perfect environment to cool down computers that are busy mining for cryptocurrency. The country’s mining operations could have little to no carbon footprint at all.
The Kingdom of Bhutan has already started making moves to expand its project. Its investment arm, the state-owned holding company Druk Holding & Investments (DHI), and Nasdaq-listed mining company Bitdeer are seeking investors for $500 million to be used to develop green crypto mining in the kingdom. Fundraising to create Bhutan’s carbon-free digital mining will start at the end of May, as reported by Bloomberg.
India and China, Bhutan’s larger neighbors, remain wary of cryptocurrency. China has already banned crypto trading in 2021, and while India’s government and central bank have taken a strong stance against it, Bhutan remains hopeful that investors will see the potential in its sustainable approach to mining.
This surprising revelation from Bhutan is making headlines because it’s not clear how long the Kingdom has been mining cryptocurrency, where it’s been taking place, or how much it’s earning. However, it’s now apparent that Bhutan’s cryptocurrency mining is sustainable and potentially lucrative, which has prompted the Kingdom to reveal its secret operations in the hopes of attracting investors and expanding its project.
According to https://www.euronews.com/next/2023/05/05/bhutan-has-secretly-mined-bitcoin-in-the-himalayas-for-years-and-it-did-so-sustainably
The material in this article is written on the basis of another article.