Bhutan secretly running bitcoin mines

Bhutan, a South Asian nation nested in the Himalayas, has secretly developed world's largest state-owned cryptocurrency mines, Forbes has revealed.

According to the magazine's investigation released last week, the Bhutanese government has quietly spent millions of dollars to build its bitcoin-mining operation.
...
According to the report, the remote mountainous nation, which has an abundance of hydroelectricity, had historically sold its surplus of hydropower to India. However, crypto-mining operations have driven Bhutan's power demand up in recent years. The country has massively boosted imports this year, purchasing $20.7 million worth of electricity so far. Officials recently said this bill would balloon to $72 million over the coming winter, with imports needed for five months to cover demand.

Bhutan is reportedly betting on crypto to boost and sustain its economy in the future, as the nation has been hit with declining tourism since the Covid pandemic.

Bhutanese officials have reportedly never disclosed the location or scope of the mining facilities. ...

Click to expand...

• Bhutan, a small country in South Asia that owns over $1.1b in Bitcoin, on Wednesday announced that one of its cities adopted a crypto reserve strategy.
• This could help the country attract foreign capital and strengthen its economy which is at risk of declining as the country’s fiscal deficit is expected to widen.
• The move could set an example for other countries that could use available renewable energy to mine bitcoin and adopt a crypto reserve strategy.