- The Bhutan Kingdom, located in the Himalayas, seems to have initiated plans to develop a 600-megawatt cryptocurrency mining farm in collaboration with Bitdeer Technologies Group, one of its partners.
- Bitcoin mining in the kingdom appears to be aimed at “providing Bhutanese citizens with the opportunity to participate in the modern global economy.”
- According to the agreement accepted between Bitdeer and Bhutan DHI, priority should be given to domestic consumption needs.
Recent reports suggest that the Southeast Asian kingdom of Bhutan has begun planning to expand Bitcoin mining.
Bhutan Kingdom Expands Bitcoin Plans
Located in the Himalayas, the Bhutan Kingdom seems to have initiated plans to develop a 600-megawatt cryptocurrency mining farm in collaboration with Bitdeer Technologies Group, one of its partners. Bitcoin mining in the kingdom is expected to be done to “provide Bhutanese citizens with the opportunity to participate in the modern global economy.”
The Southeast Asian kingdom of Bhutan, according to Nikkei Asia, appears to have initiated plans to develop a 600-megawatt Bitcoin mining farm entrusted with raising $500 million in capital from global investors by Bitdeer, and it has confirmed that the capital-raising campaign has begun.
Ujjwal Deep Dahal, CEO of Druk Holding and Investments, quoted in the report, explains why Bhutan is suitable for Bitcoin mining.
Dahal said, “Despite Bhutan being landlocked and mountainous, presenting geographic constraints and connectivity challenges, the country offers the opportunity to invest in digital assets, thanks to its green and relatively cheaper power, to create a more connected and sustainable economy.”
Priority Given to Domestic Power Needs
The CEO also argued that the envisioned cryptocurrency mining activity would help deepen the knowledge and participation of the local population. Bitcoin mining conducted in the kingdom also seems to be aimed at “providing Bhutanese citizens with the opportunity to participate in the modern global economy.”
The Nikkei Asia report suggests that the Bhutanese economy, which is still suffering from the effects of Covid-19 and foreign exchange problems, will benefit from cryptocurrency mining.
The report also expects the first 100-megawatt (MW) cryptocurrency mining operations to start in September. Bhutan officials also said they expect this figure to reach 600 MW within the next three years.
According to the agreement accepted between Bitdeer and Bhutan DHI, priority should be given to domestic consumption needs. However, according to the report, mining operations will be shut down during the winter months when power production drops.
