- In a groundbreaking development, the Kingdom of Bhutan, known for its seclusion and pristine environment, has been discovered to be operating a number of secret Bitcoin mining facilities.
- Forbes’ research deduced that construction of these sites likely began around 2020 by tracking soil movement and construction activity in these areas.
- Bhutan, often referred to as the “Last Shangri-la,” has faced economic difficulties in recent years.
It has now emerged that the Kingdom of Bhutan, known for engaging in Bitcoin mining, conducts secret mining operations: Here are the details!
The Kingdom of Bhutan Conducts Secret Mining
In a groundbreaking development, it has been discovered that the Kingdom of Bhutan, known for its seclusion and untouched environment, operates a series of secret Bitcoin mining facilities. This surprising development in the crypto world came to light through Forbes’ detailed investigation. The research, which utilized satellite images obtained from sources like Planet Labs, Satellite Vu, and Google Earth, exposed the existence of these covert mining operations.
The investigation identified four previously undisclosed crypto mining facilities across the Himalayan country, including insider information about Bhutan’s investments in cryptocurrencies. These satellite images revealed long rectangular mining units strategically concealed among dense forests and rugged mountainous terrain, along with sophisticated data center cooling systems.
The images also showed high-capacity power lines and transformers directly extending from Bhutan’s hydroelectric power plants to these mining sites. The locations of these secret operations are as interesting as their existence.
One facility was found near the Dochula Pass, an area famous for its 108 memorial chortens. Other sites are located in the mountainous town of Trongsa, in Dagana to the south, and in an area known as the “City of Learning,” where a $1 billion government project failed. Forbes’ investigation revealed that the construction of these sites likely began around 2020, tracking land movement and construction activities in these areas.
Implications of Bhutan’s Crypto Venture
The revelation that Bhutan is involved in Bitcoin mining points to the significant consequences of Bitcoin mining, a process known for its high energy consumption. Globally, Bitcoin mining consumes approximately 91 terawatt-hours of electricity per year, surpassing the energy consumption of many countries. Bhutan’s energy imports and usage have seen a notable increase in recent years. Traditionally, a country that exports surplus hydroelectric energy to India, Bhutan purchased $20.7 million worth of electricity in 2023, likely associated with new crypto mining initiatives.
King Jigme Khesar Namgyel Wangchuck of Bhutan has reportedly been interested in cryptocurrencies for some time. His interest is guided by the vision of using digital currency platforms to prevent potential economic crises in Bhutan. A strategic shift into the realm of digital currencies is an effort to diversify the country’s economic strategies in the face of various challenges.
Bhutan’s Economic Landscape and Crypto Solution
Bhutan, often referred to as the “Last Shangri-la,” has faced economic challenges in recent years. The COVID-19 pandemic significantly impacted the country’s tourism sector, a significant source of income. Additionally, the country is dealing with a worrying trend of brain drain due to increased youth unemployment and rising migration rates. The crypto mining venture is an innovative but unconventional approach to strengthen the country’s economy. By entering the lucrative world of digital currencies, Bhutan could create new sources of income and employment opportunities, addressing urgent economic issues.
However, the Bitcoin mining initiative is not without controversy. The environmental impact of such operations raises questions, especially in a country known for its commitment to environmental conservation and being a carbon-negative nation. Additionally, the secrecy around these facilities and the potential impact on Bhutan’s energy policies and international relations add complexity to the development.
