Bhutan establishes world’s largest state-owned cryptocurrency mines
Date
12/3/2023 3:48:00 AM
(MENAFN) A recent report from a news outlet has uncovered that Bhutan, situated in the Himalayas in South Asia, has clandestinely established the world’s largest state-owned cryptocurrency mines.
The investigation, released last week, disclosed that the Bhutanese government has quietly invested millions of dollars in constructing its bitcoin-mining facilities.
Utilizing satellite imagery from sources like Planet Labs, Satellite Vu, and Google Earth, along with insights from individuals familiar with Bhutan's crypto ventures, the media outlet revealed mining units and data center cooling systems concealed within forests and mountainous regions across the nation. Additionally, images purportedly displayed high-capacity power lines and transformers connecting Bhutan's hydroelectric plants to these mining locations.
“Bhutan has been quietly transformed into a crypto Shangri-La with its government dedicating land, funding and energy to operations like these, which it hopes will avert a looming economic crisis,” the news outlet mentioned.
As per the report, the secluded mountainous country, endowed with abundant hydroelectric resources, traditionally supplied its excess hydropower to India.
Nevertheless, the surge in crypto-mining activities has led to a substantial increase in Bhutan's power requirements in recent years.
This year, the nation has significantly escalated its electricity imports, totaling USD20.7 million to date. Authorities have indicated that this expense is anticipated to soar to USD72 million during the upcoming winter, necessitating imports for five months to meet the heightened demand.
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