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one green planet

In a surprising revelation, the Kingdom of Bhutan, a South Asian nation nestled within the Himalayan mountains, has admitted to secretly mining Bitcoin for years. More astonishingly, the country has managed to mine cryptocurrency sustainably, utilizing its vast hydroelectric resources. This approach sets Bhutan apart from traditional crypto-mining methods, which often require significant electricity consumption.

Source: WION/Youtube

Hydroelectricity, generated from the movement of water, is a renewable and green energy source. Bhutan’s many rivers, fed by ancient glaciers, provide abundant hydroelectric power. Currently, hydroelectric energy powers most of the country’s homes and contributes to 30% of Bhutan’s GDP. This immense resource has also been secretly harnessed for crypto mining, potentially bolstering the nation’s economy in the future.

Bhutan isn’t the only country banking on cryptocurrencies; El Salvador is currently the only nation in the world to operate state-owned crypto mines. For Bhutan, with its small size and limited resources, green crypto mining could be the key to economic independence and self-sufficiency.

The country’s unique environment and resources create an ideal setting for digital asset mining operations. Hydroelectricity is affordable, and Bhutan’s towering mountains provide the perfect cooling system for heat-producing computers mining Bitcoin. Consequently, the nation’s crypto mines could have a minimal, if any, carbon footprint.

The government has not disclosed their secret crypto mining operations’ exact duration, location, or earnings. However, a government representative mentioned that they began mining when Bitcoin was valued at around $5,000. With Bitcoin’s current value at $29,228.12, Bhutan’s venture seems well-timed.

The kingdom’s decision to reveal its covert operations may be linked to its search for partners to expand the project further. Bhutan’s investment arm, state-owned holding company Druk Holding & Investments (DHI), and Nasdaq-listed mining company Bitdeer are reportedly seeking $500 million in investments to develop green crypto mining in the nation. Fundraising for carbon-free digital mining in Bhutan is set to begin at the end of May.

While Bhutan embraces sustainable crypto mining, its larger neighbors, India and China, remain cautious. Both the Indian government and central bank have taken a strong stance against crypto, and China officially banned crypto trading in 2021.

This exciting revelation from Bhutan presents an opportunity for the global community to invest in sustainable cryptocurrency mining. By supporting such initiatives, we can help drive the transition to greener, more environmentally friendly practices in the world of digital finance. Let’s join forces and contribute to a cleaner, more sustainable future for the crypto industry.

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