Bhutan, a tiny Himalayan nation famed for emphasizing Gross National Happiness, has joined the digital era by investing in cryptocurrency mining. Bhutan hopes to create a 600-megawatt mining farm for Bitcoin (BTC), the world’s top cryptocurrency, in conjunction with Bitdeer Technologies Group.
Bhutan’s government investment arm believes that, despite geographical and connectivity constraints, Bhutan can succeed. The country’s green and economic power provides a one-of-a-kind opportunity to invest in digital assets. This approach is expected to promote a more integrated and sustainable economy while preparing residents to participate in the current global economy.
Bhutan’s decision to enter the volatile and contentious industry of cryptocurrency mining as a means of mitigating the economic impact of Covid-19. The pandemic caused the country’s GDP to shrink in 2020. As a result, foreign currency reserves fell and nonperforming loans increased.
Bhutan is not just investigating blockchain solutions to diversify and establish a high-income economy. They are also exploring artificial intelligence, robotics, and possibly biotechnology. The school system is also receiving significant attention to encourage critical thinking, creativity, and reading. Children are also taught how to use computers and take coding classes from a young age.
🏔️🇧🇹 Bhutan is embracing the future with a 600MW #Bitcoin mining farm, powered by green energy. 🌱
— Walletor (@walletorapp) June 12, 2023
Bhutan’s green and inexpensive electricity, obtained mostly from water power, makes it an appealing place for cryptocurrency miners. Bitdeer Technologies Group sees Bhutan’s zero-emissions power as a potential to enable blockchain technologies in a sustainable manner. Nonetheless, crypto mining is extremely harmful to the environment, as you can read about in our article.
The mining activities, which will begin with 100 megawatts, are slated to begin in September. They even intend to increase their capacity to 600 megawatts within the following three years. The generated electricity will be sold to the operator at a predetermined rate.
Despite worries regarding the unpredictability of the cryptocurrency mining sector and market volatility, many Bhutanese see it as a risk worth taking.
This undertaking is not without hurdles, but Bhutan is confident in its relationship with Bitdeer Technologies Group and its capacity to properly operate the mining farm. The initiative is projected to offer employment possibilities for Bhutanese citizens. It may also assist in the building of the power infrastructure and pave the way for blockchain research.
Bhutan hopes to establish a very contemporary economy that welcomes technological advancements as it begins its new adventure. They seek to accomplish this while adhering to their founding goals of encouraging enjoyment and long-term growth.