Since 2020, Bhutan has quietly mined 12,000 Bitcoin, amounting to about 1.3 billion USD. This represents roughly 40% of the country’s GDP, positioning it as a significant player in Bitcoin holdings globally.
Initiated by King Jigme Khesar Namgyel Wangchuck, this project leverages Bhutan’s hydroelectric surplus for Bitcoin mining, with Druk Holding & Investments leading the charge under Ujjwal Deep Dahal’s direction.
The profits from mining provided crucial support during the pandemic when tourism and hydropower exports declined. In 2023, Bhutan liquidated 100 million USD in Bitcoin to implement pay raises for civil servants.
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