Bhutan, a small Himalayan monarchy, has emerged as a prominent player in the cryptocurrency world, with 13,011 Bitcoin (BTC) worth around $780 million, according to Arkham Intelligence.
Bhutan’s Bitcoin reserves are unique in that they are the outcome of large mining operations, as opposed to other governments’ Bitcoin assets, which are frequently derived from seized monies. Bhutan’s Bitcoin mining is being driven by Druk Holdings & Investments (DHI), the country’s official investment arm.
Bhutan has developed mining facilities in many locations over the last year, including a large complex on the grounds of the now-defunct Education City project.
Bitdeer, a major crypto mining business, announced a partnership with Druk Holdings in 2023 to establish a totally carbon-neutral Bitcoin mining facility in Bhutan, capitalizing on Bhutan’s dedication to environmental sustainability and plentiful renewable energy resources.
Bhutan’s Bitcoin mining capacity is poised to grow, with Druk Holdings and Bitdeer aiming to enhance it from 100 to 600 megawatts. This significant increase in mining capacity will enable Bhutan to mine even more Bitcoin, bolstering its position in the global crypto market.
The country’s emphasis on environmentally friendly mining is consistent with the country’s overall commitment to sustainability, as hydropower enables it to run carbon-free mining operations.
Bhutan’s environmentally sensitive strategy could serve as an example for other countries seeking to strike a balance between economic development and sustainability.
