Bhutan has been secretly mining bitcoin for several years

Bhutan has been secretly mining bitcoin for several years. The Asian country rates the activity as promising and the conditions in the country as ideal. Recently, the crypto assets of the Bhutanese state fund became known. However, the origin of the cryptocurrencies was unclear until recently.

Bhutan has been mining Bitcoin for several years

Data leaked through the bankruptcy proceedings of crypto lenders Celsius and Blockfi shows that Bhutanese state fund Druk Holding and Investments holds multiple cryptocurrencies.

Among them are the market leaders Bitcoin and Ethereum , popular stablecoins and smaller projects. Research by The Bhutanese recently revealed that Bhutan has been secretly mining Bitcoin for several years.

This now also explains the origin of the Bitcoin fortune. In the past, the kingdom also mined Ethereum until the network changed its consensus mechanism in September 2022.

Those responsible for the DHI fund consider the conditions in the Asian country to be ideal. Hydropower makes it possible for Bhutan to generate electricity cheaply and reliably, which is then also used to mine Bitcoin.

This knowledge was gained several years ago and then quickly got involved. Bhutan has been mining BTC since the digital asset had a market value of around $5,000.

The largest cryptocurrency was quoted at this rate in 2017, 2018 and 2019. However, it is not yet known when exactly the entry took place.

Bitcoin a long-term investment

Bhutan regards Bitcoin and Co. as a long-term investment. Mined BTC is sold proportionately so that running costs are covered. In the distant future, one hopes not only for rising prices, but also for increasing digitization, which one would like to promote through government commitment.

Bhutan is a landlocked country. Without maritime transport routes, the state can hardly achieve economic growth. However, that is exactly what you want to achieve. Blockchain technology is particularly promising in this context.

Therefore, it keeps consulting international experts and created a domestic team of professionals who are deeply involved in cryptocurrencies and blockchain .