Nestled in the Himalayas, Bhutan, known for its focus on Gross National Happiness, is making a bold wager in the world of cryptocurrency. The country is rapidly expanding its Bitcoin mining capabilities in anticipation of the upcoming halving, an event programmed into Bitcoin’s code that cuts the number of new coins awarded to miners in half.
This strategic move comes after Bhutan’s economy, heavily reliant on tourism, was hit hard by the coronavirus pandemic. With foreign exchange reserves dwindling and unemployment rising, the government is looking to Bitcoin mining as a potential source of revenue.
Bhutan’s foray into cryptocurrency mining began in 2023. Now, the kingdom is partnering with Bitdeer Technologies Group, a Nasdaq-listed company, to significantly boost its mining capacity. By 2025, this collaboration aims to triple Bhutan’s current capabilities, bringing its total mining power to a staggering 600 megawatts – a 500-megawatt increase.
Bitcoin Halving
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