Deep in the Himalayan mountains of Asia, the kingdom of Bhutan has been engaged in Bitcoin mining for several years.
The kingdom has primarily mined Bitcoin (BTC) but has also mined a small amount of Ethereum (ETH) as part of its financial strategy. According to Dasho Ugen Chencho, CEO of Druk Holding and Investments (DHI), the information was provided to the newspaper by him, and he affirmed that the company had started mining when Bitcoin's price was above $5,000. This could have happened anytime between 2017 and 2020.
Bhutan is selling digital assets to carry out its operations and then keeping some for the long term, as it is expected that their value will increase, especially after Bitcoin's halving in 2024. The block reward will be reduced from 6.25 BTC to 3.125 BTC per mined block. The abundance of hydroelectric power in Bhutan has been a significant factor in its Bitcoin mining operations. The country generates more power than it needs, and the surplus electricity has been put to good use in mining cryptocurrencies.
Bhutan's emphasis on hydroelectric power is in line with its commitment to sustainability and conservation. As a result, the country is one of the world's few carbon-negative nations. By using the abundant hydroelectric power, the country has been able to make use of its resources in a responsible and sustainable manner. Furthermore, Bitcoin mining provides the country with an additional source of income, which it can use for development projects and other social welfare programs.
Bhutan's foray into Bitcoin mining is a sign of the country's increasing adoption of digital currencies. With its commitment to sustainability and its abundance of renewable energy sources, Bhutan is well-positioned to become a hub for digital currency mining. The country's move towards Bitcoin mining is a significant development that has been driven by the need to diversify its sources of income and to take advantage of its abundant renewable energy resources. As such, it is likely that the country will continue to expand its digital currency mining operations in the future.
Bhutan Bitcoin mining sustainability conservation renewable energy carbon-negative income development digital currencies hub
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