By Anjali Kochhar
Bhutan, a landlocked country in the Eastern Himalayas, has reportedly been operating a state-owned bitcoin mining operation using its renewable energy sources for several years.
The country has a vast amount of renewable energy sources and is known for its abundant hydroelectricity.
As a result, the country has been able to establish a state-owned Bitcoin mining operation without revealing it to the public until recently.
The government representative’s comments suggest that the mining operation has been in operation for several years, possibly as early as 2017 when BTC was valued at around $5,000. The government has not disclosed the location of the mine or whether it has turned a profit.
The report states that the Bhutanese government has partnered with Bitdeer, a Nasdaq-listed mining company, to establish the mining data centre, which is expected to begin construction in the second quarter of 2023 and be completed in the third quarter of 2024.
The country’s extensive hydropower capacity and surplus of electricity generated from local rivers are likely the primary reasons behind the BTC mining project. Bhutan exports around 75% of its annually generated electricity to India during the rainy season when the rivers are overflowing.
Using its surplus hydroelectricity resources for bitcoin mining, Bhutan could generate additional revenue and benefit the region.
While some critics have expressed concerns about the secrecy of the project and the risks associated with cryptocurrencies, others see the potential benefits of BTC mining for Bhutan.
If the asset’s price surges in the future, BTC mining could be profitable for the country. Furthermore, mining BTC could give Bhutan an upper hand in the event of global adoption of cryptocurrency and its eventual development
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
