• Bhutan has been mining Bitcoin with hydropower since the price of BTC was $5,000.
• The country is negotiating a partnership with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan.
• Bitcoin mining is the world’s cleanest industry, with more than 50% of its energy sources being renewable or clean energy.
Bhutan Mining BTC with Hydropower
Bhutan has been mining Bitcoin with hydropower since April 2019 when the price of Bitcoin was around $5000. The small Himalayan kingdom leverages green energy to power its operations and is even negotiating a partnership with Nasdaq-listed mining company Bitdeer to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan.
Gross National Happiness
Known for its focus on “Gross National Happiness” and picturesque landscapes, Bhutan has found ways to harness its immense hydroelectric potential which accounts for 30% of its gross domestic product.
World’s Cleanest Industry
Bitcoin mining advocates explain that 99.92% of carbon emissions in the world are due to industrial uses of energy other than bitcoin mining making it one of the world’s cleanest industries as more than 50% of its energy sources being renewable or clean energy. This makes Bhutan an ideal destination for bitcoin miners due to cheap, abundant hydroelectric power available in the country.
Mystery Around Mining Operations
The scale and profitability remain unknown as little information is available about location, size and profits from these operations. It is unclear why this project has not been disclosed to citizens or international partners but state-owned holding company DHI have reportedly invested millions into cryptocurrency holdings managed on behalf of its people.
Conclusion
In conclusion, Bhutan has been quietly accumulating crypto and leveraging green energy such as hydroelectricity to mine bitcoin since April 2019 when the price was at $5000 per coin. Although little information is known about their operations, it can be assumed that they are taking advantage of their access to cheap renewable energy sources given that bitcoin mining utilizes much less carbon emission compared to other industrial uses of electricity globally..