- Bhutan mines green Bitcoin using 100% hydropower in line with its environmental strategy and goal of promoting crypto.
- The nation’s Bitcoin stash stands at $651.73 million ahead of another pro-Bitcoin nation El Salvador.
- Bhutan plans to boost hydropower capacity and train youth in blockchain and AI to combat rising unemployment and brain drain.
Bhutan is set to leverage its hydropower infrastructure for Bitcoin mining as part of an effort to grow its economy and create jobs in line with its environmental goal to mine green cryptocurrencies.
Bhutan Mines Green Bitcoin Using Hydropower
In a recent Reuters interview, the CEO of Bhutan’s sovereign wealth fund, Ujjwal Deep Dahal, disclosed the country’s goal of mining digital assets called green cryptocurrencies. Green cryptocurrencies are coins mined using eco-friendly energy sources such as hydro or solar power.
Dahal said:
We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels. So a coin mined in Bhutan will contribute to the green economy.
The South Asian nation is known for its Gross National Happiness (GNH) index which measures the emotional well-being of people as a gross domestic product.
Dahal remarked that Bhutan’s sovereign wealth fund which is also in charge of the nation’s power generation plant, has been increasing its crypto stash since 2019. He added that “Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency.” Per data from Arkham, the nation’s BTC holdings stand at $651.73 million, ahead of another pro-Bitcoin country, El Salvador.
Bhutan Targets Green Crypto Amid Energy and Job Challenges
The Bhutanese is also exploring the idea of top institutions purchasing its “green” digital assets to meet its ESG norms. But market commentators suggest that the country needs to expand its current hydropower generation capacity. Bhutan’s current capacity stands at 3.5 gigawatts. Analysts believe that increasing the production to 33 gigawatts would hel the nation in achieving its green cryptocurrency goal.
Dahal noted that equipping Bhutan’s young population with blockchain and AI knowledge could help boost the country’s employment rate. In recent years Bhutan has witnessed an increasing trend of brain drain with young professionals seeking greener pastures abroad. As of 2024, the nation’s youth unemployment rate stood at 16.5%, an increase from the previous two years.
Top government officials in Bhutan have actively supported Bitcoin mining as an attainable and environmentally friendly initiative. The country’s prime minister emphasized this venture, calling it a “simple and strategic” choice that could deliver significant returns to the nation’s coffers.
At the time of writing, Bitcoin changes hands at $84,724 following a modest intraday dip. It has rallied 38% over the past year, outperforming several other crypto assets during that period. Over the month, Bitcoin has witnessed 15 days of green trading, bringing it close to its cycle high of $86,455, per Coincodex data.
