Bhutan's Vision for Green Crypto Mining

The fund will be utilized by Bitdeer, a Singapore-based firm, to establish a 100-megawatt operation in Bhutan.

• Bitdeer, owned by Chinese entrepreneur Jihan Wu, ranks among the leading crypto miners in terms of computing power.
• The construction is expected to commence in the second quarter of 2023.
• Notably, for a country exploring crypto opportunities, crypto mining could be the least risky method. For now, Bhutan's focus is on Bitcoin.

Objectives and Tactics:

• The aim is to establish carbon-neutral digital mining utilizing Bhutan’s plentiful hydroelectric power.
• Bhutan aspires to diversify its economy, which currently heavily depends on hydropower revenues.
• The country will consider assets that are low in volume but high in value, including digital assets.
• Green mining will aid in fulfilling Bhutan's commitment to ecological conservation and sustainable development goals.
• Bhutan also hopes to benefit from the global surge in cryptocurrencies since the end of the pandemic slump.

The Essence of Green Crypto Mining

• Crypto mining demands energy to power the computers that validate and document cryptocurrency transactions.
• Traditionally, this energy is derived from burning coal or fossil fuels, which contribute to carbon emissions and consequently to global warming and climate change.
• Green crypto mining, on the other hand, relies on renewable energy sources like solar power, hydroelectric power, and nuclear energy, which produce little to no carbon emissions.

Significance: Bhutan's foray into the volatile and often speculative world of crypto is significant due to the country's unique approach to measuring economic success. Bhutan uses a “ Gross National Happiness ” index, which considers factors like psychological well-being and ecological diversity to gauge the standard of living.