Bhutan Launches 600-Megawatt Crypto Mining Project

Bhutan's Bold Move into Cryptocurrency

Bhutan, the Himalayan Kingdom, is embracing the digital revolution with a new cryptocurrency mining project. In collaboration with Bitdeer Technologies Group, Bhutan plans to establish a 600-megawatt mining farm. This initiative aims to modernize the country's economy and enable its citizens to participate globally without leaving their homeland.

Strategic Partnership and Funding

Bitdeer Technologies Group is responsible for raising $500 million from international investors to fund this ambitious project. The fundraising efforts have already commenced, marking a significant step towards realizing this vision.

Advantages of Mining in Bhutan

Despite its mountainous and landlocked geography, Bhutan offers distinct advantages for Bitcoin mining. The country's access to green energy and lower power costs make it an attractive destination for digital asset investments. This project aims to create a more interconnected and sustainable regional economy.

Empowering Local Participation

The initiative is expected to enhance local residents' understanding and involvement in the cryptocurrency sector. By fostering skills and knowledge, it empowers Bhutanese citizens to participate actively in the global economy.

Economic Benefits and Implementation

The Bhutanese economy stands to gain significantly from this venture, especially as it grapples with COVID-19 impacts and foreign exchange challenges. Initial operations for the first 100 megawatts are set to begin this month, with plans to reach 600 megawatts in three years.

Balancing Growth and Energy Needs

A crucial aspect of the agreement between Bitdeer and Druk Holding and Investments (DHI) is prioritizing domestic power needs. To ensure energy availability during the winter months, mining operations will be paused, showcasing a commitment to balancing economic growth with local energy requirements.