With a population of just 782,000, Bhutan has achieved a remarkable feat in the cryptocurrency landscape, boasting Bitcoin assets that exceed those of El Salvador, which has a population of 6.3 million. This places Bhutan third on the Sovereign Bitcoin Assets Leaderboard, following the United States ($12.16 billion) and the United Kingdom ($3.67 billion).
Bhutan’s substantial Bitcoin reserves can be traced back to the growth of its mining industry, which began in April 2019 when Bitcoin was valued around $5,000. The nation’s sovereign investment entity, Druk Holding & Investments, initiated mining operations during this period. Leveraging the country's abundant hydropower resources, Bhutan has successfully established large-scale mining facilities.
The Himalayan glacier-fed rivers provide Bhutan with a significant source of clean energy, offering a potential hydroelectric capacity of 23,760 MW. Hydropower constitutes 30% of the nation’s GDP, and as of 2003, nearly all of Bhutan’s electricity—99.5%—was derived from hydropower. This robust clean energy framework not only supports the country’s energy needs but also aligns with its commitment to environmental sustainability, allowing Bhutan to expand its Bitcoin mining efforts without compromising its ecological goals.
To put this potential into perspective, Bhutan’s total hydroelectric capacity could power over 17 million American homes, more than double the energy requirements of a city like New York. This vast energy resource enables Bhutan to be a key player in the Bitcoin mining arena, setting the stage for further growth and innovation in the cryptocurrency sector.
Bhutan’s strategic utilization of its hydropower resources has positioned it as a leader in Bitcoin assets on a global scale. As the country continues to expand its mining operations, it showcases the potential for smaller nations to leverage natural resources in the evolving world of cryptocurrency. With a commitment to clean energy and sustainable practices, Bhutan is paving the way for a responsible and impactful presence in the Bitcoin ecosystem.
September 2024, Cryptoniteuae