Bhutan, the tiny Himalayan kingdom, is making waves in the crypto world. It’s not just dipping its toes in; it’s diving headfirst.
Mindfulness City and the Crypto Reserve
Gelephu Mindfulness City (GMC), Bhutan’s new economic hub and tourist attraction, is adding Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH) to its strategic reserves. This move, announced by King Jigme Khesar Namgyel Wangchuck, isn’t surprising given GMC’s focus on innovation. It’s a major step forward for blockchain adoption in the country.
Bhutan’s Bitcoin Journey: An Early Adopter
Bhutan was ahead of the curve, starting Bitcoin mining back in 2019 when Bitcoin was trading around $7,000. Through its investment arms, Druk Holdings and Investments (DHI) and Green Digital Limited (GDL), Bhutan has accumulated significant Bitcoin holdings. Estimates suggest they hold over 11,000 BTC, and this number is set to grow with GMC’s new crypto additions. While the US still holds the largest sovereign Bitcoin reserves (around 198,000 BTC), Bhutan’s holdings are noteworthy, especially considering its size.
Green Mining: Powering the Future
Bhutan’s crypto mining operation is unique. It’s partnered with Bitdeer Technologies to build environmentally friendly mining facilities powered by the country’s abundant hydropower resources. Their first facility, a 100MW center in Gedu, houses over 30,000 mining machines and produces 3-5 BTC daily. A larger 500MW facility is planned for the near future.
Crypto’s Growing Role in Government Policy
Bhutan isn’t alone in integrating crypto into its national strategy. The US is leading the charge, with ongoing discussions about establishing a national crypto reserve. China and El Salvador are also exploring similar initiatives. However, Bhutan stands out with its independent, eco-conscious approach to Bitcoin mining.
