As an analyst, I’m excited to share that Bhutan is strategically embracing cutting-edge technologies, notably Bitcoin and blockchain, to stimulate its economic growth. Notably, Gelephu Mindfulness City (GMC) is poised to incorporate digital assets such as Bitcoin, Binance Coin (BNB), and Ethereum into its strategic reserves.
As a researcher, I am excited to delve into the emergence of Mindfulness City, nestled near Gelephu – a freshly designated administrative region with ambitions to become Bhutan’s economic nerve center and tourist magnet. King Jigme Khesar Namgyel Wangchuck has hinted at this modern metropolis being rooted in innovation, making the recent revelation of its Bitcoin and cryptocurrency strategic reserve less astonishing for many observers.
An exciting breakthrough in the spread of blockchain technology: Gelephu Mindfulness City (GMC) in Bhutan, a newly established Special Administration Region, has declared its intention to include Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH) as part of their strategic reserve.
Learn how BNB’s inclusion highlights global trust in the BNB Chain…
— BNB Chain (@BNBCHAIN) January 8, 2025
Bhutan Continues Its Bitcoin Strategy
As an analyst, I find it fascinating to note that Bhutan, nestled in the majestic Himalayas, was one of the pioneering countries recognizing the potential of Bitcoin and blockchain technology. In the spring of 2019, when the value of Bitcoin hovered around $7k globally, this small Asian kingdom took the first steps into mining this digital asset. The government’s investment arms, Druk Holdings and Investments (DHI) and Green Digital Limited (GDL), have been spearheading these initiatives for Bhutan.
Due to an early involvement in Bitcoin mining and investment, the tiny nation of Bhutan has amassed substantial Bitcoin holdings. As per Bitwise Europe‘s reports, Bhutan currently owns over 11,000 Bitcoins, a figure that is expected to increase following Mindfulness City’s recent decision to expand its strategic reserve by incorporating more Bitcoin and other cryptocurrencies.
According to the same Bitwise Europe diagram, it’s clear that the United States maintains the largest share of Bitcoin held by sovereign entities, approximately 198,000 coins, while China takes the second spot.
𝗖𝗵𝗮𝗿𝘁-𝗼𝗳-𝘁𝗵𝗲-𝗪𝗲𝗲𝗸
According to current public data, the United States currently holds approximately 198,000 Bitcoins on its official accounts, making it the world’s largest sovereign Bitcoin holder. China is not far behind in this regard.
— Bitwise Europe (formerly ETC Group) (@Bitwise_Europe) December 18, 2024
Bhutan’s Bitcoin Mining Initiative
At present, Bhutan is collaborating with Bitdeer Technologies to establish crypto mining facilities in stages. To kick things off, they unveiled an initial facility capable of producing 100 megawatts of power and it’s now up and running. The administration plans to inaugurate a second, larger facility by mid-year, boasting a capacity of 500 megawatts.
As an analyst, I find it intriguing that Bhutan, unlike many other mining entities, is devising strategies to counterbalance the notorious energy-intensive nature of cryptocurrency mining. Instead of relying on conventional energy sources, this Kingdom ingeniously employs its hydropower resources to power its mining facilities.
In the town of Gedu, Bhutan operates a 100MW mining center that harnesses hydroelectric power, making it eco-friendly. This facility is home to more than 30,000 cryptocurrency mining machines and generates around three to five Bitcoins every day.
Bitcoin Policy Becoming More Popular
Bitcoin and digital currencies are increasingly being incorporated into various government strategies, often as part of a nation’s long-term asset holdings. The United States is currently leading the way in this integration, at least in terms of its initiatives to make Bitcoin and digital currencies a key component of its national plans. Last year, Senator Cynthia Lummis proposed legislation that would establish a strategic reserve for these assets.
1) China is gradually integrating Bitcoin and blockchain technology into its financial structure, similar to other countries. Contrastingly, El Salvador has intensified its strategy to accumulate more Bitcoin in its national reserves. However, Bhutan stands out as a singular case with an independent Bitcoin operation that emphasizes eco-friendly technologies.
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2025-01-09 17:12