- The country will mine BTC at the hydroelectric power plant
- The Bitdeer company will help them do so
Bhutan recently disclosed where their wallets got their bitcoins from. It turns out that for the last four years the country has been mining. And it is constantly increasing its investment in the industry.
While Bhutan allocated just $1.1 million for computer chip imports in 2019, that amount has grown to $51 million and $142 million in 2021 and 2022. The latter represents 15% of the entire national budget.
The kingdom today announced a new project. They will launch a $500 million fund that will promote green mining technology.
The project will be partnered with Bitdeer, which will help attract investors interested in the field.
The Himalayan kingdom will hold a funding round for the new fund as early as May. They want to create an eco-mining infrastructure and are willing to provide their hydropower plants to do so.
We note that Bhutan is a tiny country sandwiched between China and India. They get most of their income from hydropower plants and the sale of electricity. Authorities want to diversify profits with new sources of income.
In addition, mining company Bitdeer is preparing to launch a new 100-megawatt facility in Bhutan. Its construction will begin in the second quarter and will be completed in July-September.
Butan “lit up” his bitcoins thanks to documents that became part of the BlockFi and Celsius lawsuit. Forbes writes that millions of BTC are involved, but the exact amount is unknown.