Bhutan is reportedly harnessing HydroPower from its Himalayan rivers to generate energy for Bitcoin mining, as per local reports.
The small Himalayan kingdom has been actively accumulating cryptocurrency and recently entered the Bitcoin mining arena, leveraging its green energy to power mining operations. Bhutan, renowned for its emphasis on “Gross National Happiness” and breathtaking landscapes, taps into its substantial hydroelectric potential, contributing to 30% of its gross domestic product.
Reports indicate that Bitcoin mining activities commenced when the cryptocurrency was valued at around $5,000 in April 2019, a fact confirmed by officials. Since then, Bitcoin’s price has soared significantly, currently hovering around $28,000 per coin. Bhutan is reportedly exploring partnerships to expand its mining operations, including negotiations with Bitdeer, a Nasdaq-listed mining company, to secure 100 megawatts of power for a Bitcoin mining data center in Bhutan. This collaboration could boost Bitdeer’s mining capacity by approximately 12%.
While employees of Druk Holding and Investments (DHI) list “crypto mining” on their LinkedIn profiles, details about the location, size, and profitability of Bhutan’s mining farms remain undisclosed, leaving the scale of their mining operations unknown.
The government’s decision not to disclose this project to its citizens or international partners remains unclear. However, it is known that the state-owned holding company, DHI, has invested millions of dollars in cryptocurrency holdings, managed on behalf of its citizens.
Contrary to common misconceptions, Bitcoin mining is considered one of the cleanest industries globally, with over 50% of its energy deriving from renewable or clean sources. Advocates, such as MicroStrategy chairman Michael Saylor, argue that “99.92% of carbon emissions worldwide result from industrial uses of energy other than Bitcoin mining.” Bhutan’s abundant and affordable hydroelectric power makes it an attractive destination for Bitcoin mining, according to DHI.
From East Africa to Scandinavia, various regions, including Bhutan, have joined the ranks of Bitcoin mining locations harnessing hydropower – one of the most affordable and clean energy sources available.
