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Bhutan’s Green Bitcoin Strategy: Clean Energy Meets Crypto
In a move that highlights its commitment to sustainability and innovative thinking, Bhutan, the Himalayan Kingdom known for valuing happiness over money, is now exploring ways to mine green cryptocurrency using clean hydropower energy. The country has also taken an interest in blockchain technology as a means of stimulating its economy and creating new job opportunities.
The kingdom’s quiet crypto journey began in 2019 when Bhutan’s sovereign wealth fund, Druk Holding and Investments, started incorporating digital assets into its portfolio. According to senior officials in Thimpu, the profits from these investments have been utilized to pay government salaries for two consecutive years.
Bhutan is leveraging its unique resource – 100% hydropower energy – to power the energy-intensive supercomputers required for mining digital assets on the blockchain. This move has opened up new opportunities for the country’s youngsters to be trained in blockchain and AI, potentially creating a fresh source of job creation.
By utilizing its renewable energy resources for cryptocurrency mining, Bhutan is not only supporting sustainable energy but also increasing the value of hydropower energy. The country’s plan to expand its hydropower capacity from 3.5 gigawatts to 33 gigawatts over the next decade will help drive this ambition forward.
The prime minister of Bhutan has voiced support for the initiative, describing state-backed Bitcoin mining as a smart strategy that has generated billions of dollars in revenue. He also emphasized the need for governments around the world to recognize the potential of crypto mining to boost economic growth and create new employment opportunities.
As the data from Arkham shows, Bhutan’s Bitcoin holdings are currently valued at over $600 million, making up an impressive 30% of its GDP. The country also holds other cryptocurrencies such as Ethereum and LinqAI.
This bold move by Bhutan contrasts with traditional approaches to government-backed mining, where digital assets are often seized from criminals. However, the kingdom has taken a more progressive approach, utilizing blockchain technology to grow its economy and create opportunities for its citizens.
The global community is now taking notice of Bhutan’s innovative strategy, as governments worldwide are gradually embracing Bitcoin. The United States President recently announced the establishment of a strategic Bitcoin reserve, while El Salvador holds nearly $550 million in BTC.
Source: https://coinpedia.org/news/bhutans-green-bitcoin-strategy-clean-energy-meets-crypto/
