Tiny Bhutan may already be a massive Bitcoin whale Cryptocurrencies
The kingdom confirmed to Forbes on April 30 that it has been using its considerable hydroelectricity resources to mine Bitcoin for years, flying under the radar since as long ago as 2017 even as more recent crypto-adopting countries like El Salvador face enormous scrutiny.
“It’s important for us to look at assets that are low volume, high value, or digital assets for that matter, and try to position ourselves in a way that we can be competitive globally over time to build our economy,” said Ujjwal Deep Dahal, Druk’s chief executive officer. Druk and Bitdeer intend to begin reaching out to institutional investors at the end of this month, and both companies will invest in the fund as well.
It’s unclear how aggressively Bhutan was mining over the last six years, and it’s impossible to know how much BTC they sold and at what levels. But if chip imports are any indication, it goes far beyond the “sandbox” approach they began with.
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