Bhutan, a tiny nation famed for calculating Gross National Happiness, conceals a flourishing Bitcoin mining industry beneath the imposing Himalayan hills.
Bhutan has been secretly mining Bitcoin for years, according to a Forbes piece headlined “The Kingdom of Bhutan Has Been Mining Bitcoin for Years.” Bhutan has been mining Bitcoin with its plentiful hydroelectric resources. According to Forbes, this covert project is powered by rivers that are fed by old Himalayan glaciers, making Bhutan a significant participant in the cryptocurrency mining sector.
Druk Holding & Investments (DHI), the biggest and only government-owned holding company in Bhutan has acknowledged that it has been mining Bitcoin (BTC) for several years as a component of its varied holdings.
The corporation claims that its interest in mining Bitcoin started when the first Bitcoin had a worth of about $5,000, but it also has a minuscule interest in Ethereum (ETH), according to an article published on April 28 by the local media The Bhutanese.
As a result of the company’s absence from direct selling and purchasing of digital assets, DHI authorities promised that the dangers related to cryptocurrencies are minimized. DHI further pointed out that the investment pays for itself through the sale of Bitcoin, which covers the costs associated with running the mining operation.
The business made it clear that its decision to engage in Bitcoin mining is strategic rather than motivated by a fear of missing out (FOMO) on the new technology (FOMO). DHI is putting up a team of cryptocurrency specialists as part of this approach, and it is taking advantage of regulated cryptocurrency exchanges all around the world.
Bhutan’s renewable energy supply, which is produced by hydro projects, powers the mining process. Notably, the nation creates a surplus of electricity that is perfect for Bitcoin mining because it gets almost all of its power from renewable sources.
To promote economic growth, Bhutan has entered the cryptocurrency mining sector. Technology is seen as a major component of this strategy.