Bhutan mines Bitcoin with hydropower since BTC price was $5,000

The Kingdom of Bhutan is bullish on Bitcoin (BTC). The country is also mining Bitcoin after it was revealed that a small Himalayan kingdom was quietly accumulating cryptocurrency. Additionally, the country, which has a population of less than her 800,000, is leveraging green energy to power its Bitcoin mining business.

Known for its focus on ‘Gross National Happiness’ and picturesque landscapes, Bhutan has found a way to tap into its enormous hydropower potential, which accounts for 30% of its gross domestic product.

first reported in Release Inquiries from local Bhutan news and Forbes, Bhutanese officials have confirmed that mining began when the price of Bitcoin was around $5,000 in April 2019.

The kingdom is reportedly seeking partnerships to further expand its mining operations. In particular, he has negotiated with Nasdaq-listed mining company Bitdeer to secure his 100 MW of power for his Bitcoin mining data center in Bhutan. This partnership will increase Bitdeer’s mining capacity by approximately 12%.

The size of Bhutan’s mining operations remains a mystery, with little information available on the location, size and profitability of mining farms. Some employees at Druk Holding & Investments (DHI) list “cryptocurrency mining” as a task and skill on their LinkedIn profile.

It is also unclear why the government chose not to disclose this project to its citizens and international partners. known to be managed on behalf of its people.

Despite the mainstream media showing the opposite, Bitcoin mining is the cleanest industry in the world. Over 50% of his energy sources are from renewable or clean sources. Bitcoin mining proponents such as MicroStrategy chairman Michael Saylor explains that “his 99.92% of the world’s carbon footprint comes from industrial uses of energy other than bitcoin mining.” . With cheap and abundant hydropower, the DHI reports that Bhutan is an ideal location for Bitcoin mining.

Related: How Bitcoin Mining Saved Africa’s Oldest National Park From Bankruptcy

Bhutan joins a long list of countries from East Africa to Scandinavia to mine Bitcoin with hydropower, one of the cheapest clean energy sources available.

Cointelegraph has reached out to Druk Holding and Investments and will update the article as soon as we receive comments.

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