Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bhutan’s Green Bitcoin Strategy: Clean Energy Meets Crypto

Share This Post

The post Bhutan’s Green Bitcoin Strategy: Clean Energy Meets Crypto appeared first on Coinpedia Fintech News

Bhutan, the Himalayan Kingdom which is known for valuing happiness over money, is now exploring ways to mining green cryptocurrency using clean hydropower. It also views blockchain as a new path to boost the economy and create new jobs.

How Bhutan’s Crypto Profits Are Funding Salaries

Notably, green cryptocurrencies are digital currencies mined using clean energy resources like wind, hydro or solar power instead of fossil fuel. Bhutan has quietly made millions by investing in some of the top cryptocurrencies, the profits was then used to pay government salaries for two years, as per senior officials in Thimpu.

Bhutan’s quiet crypto journey began in 2019, when the country’s sovereign wealth fund, Druk Holding and Investments, started adding digital assets to its portfolio. The fund’s CEO, Ujjwal Deep Dahal says that Bhutan’s 100% hydropower energy makes their crypto mining clean, green, and sustainable.

Bhutan Uses Hydropower to Mine Bitcoin and Boost Economy

Remarkably, Bhutan uses its clean hydropower to run the energy-intensive supercomputers that mine digital assets for the blockchain. Officials are also considering if large companies could buy Bhutan’s ‘green’ coins to meet their ESG targets. CEO Dahal also highlighted that apart from giving more value to hydropower energy, Bitcoin has also opened up foreign currency liquidity. He also stressed that training Bhutan’s youngsters in blockchain and AI would create newer jobs. 

With a population of around 800,000, Bhutan is battling with the loss of young educated workers as more than 10% in the age group left the country in search of better opportunities.

To combat this, Bhutan’s ambitious plan to become a leader in green digital currency depends on expanding its hydropower capacity. Currently, it has 3.5 gigawatts of power but needs 33 gigawatts. The country plans to generate 15 gigawatts over the next 10 to 15 years, which will support its push for a green crypto future.

Prime Minister Backs Bitcoin Mining Strategy

Bhutan’s prime minister Tshering Tobgay has recently described state-backed Bitcoin mining as a smart strategy where people have earned billons of dollars. He also stressed that governments should get involved in crypto mining too and recognise its potential for economic growth.

According to data from Arkham, as of April 9, Bhutan’s Bitcoin holdings are valued at over $600 million, which makes up an impressive 30% of the country’s GDP. Besides, it also holds other cryptocurrencies like Ethereum and LinqAI. The country’s king, Jigme Khesar Namgyel Wangchuck, has been a strong advocate for investing in digital infrastructure to fuel future growth.

Governments Embrace BTC

Unlike many governments that acquire Bitcoin through seizures from criminals, Bhutan’s Bitcoin holdings are from government backed mining operations. Governments are now embracing Bitcoin as recently US President Trump announced a strategic Bitcoin reserve while El Salvador holds nearly $550 million in BTC. Other countries like the Central African Republic and France are also recognizing Bitcoin as legal tender, signaling a shift in global financial strategies.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Breakout Narrative Explodes As Japan’s Bond Market Collapses

Japan’s government-bond complex, once the benchmark for low-yield stability, is cracking under the weight of its own arithmetic—and the fissures are sending tremors straight into the global

DOJ Targets Crypto-Theft Network With Seizure of Data-Stealing Domains

US authorities dismantled key infrastructure behind major crypto credential thefts, seizing domains used to control malware that looted millions of wallets and logins DOJ Shuts off Access to Stolen

Dogecoin Makes Meaningful Correction: Key Pullback Pattern Points To Looming Rally

Popular dog-themed meme coin, Dogecoin, may have witnessed a bearish performance in the last few days, but this waning price action could benefit its price dynamics Technical developments show that

Bitcoin Price Charges Into New Territory, Fueled by ETF Frenzy and Soft Inflation

On Wednesday, the leading crypto asset bitcoin, vaulted over another price barrier, reaching $110,730 per coin Bitcoin Rockets to $110,730 — Is the Next Stop a Moonshot Throughout the day, bitcoin

Solana’s BONK Targets 77% Corrective Move After Retrace To 200 EMA

BONK’s price action has been back and forth in May, and the cryptocurrency is now essentially back where it started the month Recent price action reveals that the token is attempting to

Peter Brandt Eyes $150K Bitcoin by August as Bullish Patterns Explode

Bitcoin is charging toward a potential $150K by August as explosive chart formations signal unstoppable momentum and historic upside Peter Brandt Says Bitcoin May Hit $150K by August—Chart Signals