Forbes has recently exposed the existence of four covert state-operated Bitcoin mining sites in Bhutan, a revelation made possible through satellite imagery from Planet Labs, Satellite Vu, and Google (NASDAQ:GOOGL) Earth, as well as insider disclosures. These facilities are strategically located near Dochula Pass with its sacred memorial shrines, Trongsa's rugged landscape, Dagana, and the deserted Education City initiative. They are believed to have begun operations around 2020 and are equipped with sophisticated mining units directly linked to hydroelectric plants.
The Himalayan kingdom is currently grappling with economic challenges, including a drop in tourism and high youth unemployment rates. Furthermore, the nation is experiencing a brain drain due to increased emigration rates. In response to these pressures, King Jigme Khesar Namgyel Wangchuck has championed cryptocurrency mining initiatives similar to those in El Salvador. Bhutan's hydroelectric power, which was predominantly exported to India, is now fueling these energy-intensive operations. Consequently, the nation's electricity imports have surged to $20.7 million this year.
The strategic placement of these mining centers across remote areas indicates Bhutan's substantial investment in cryptocurrency as a means of economic support. This move is part of a broader trend as countries with abundant renewable energy resources explore digital currencies to bolster their economies. The king's initiative reflects a strategic pivot as Bhutan adapts to global economic shifts while seeking new avenues for financial stability.
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