“Bhutan: Bitcoin Mining Ahead of the Upcoming Halving”
Bhutan to Invest in Bitcoin Mining Ahead of Upcoming Halving
Bhutan, the picturesque Himalayan kingdom, is planning significant investments in the development of Bitcoin mining ahead of the upcoming halving. The goal is to balance income impact and increase the total mining capacity to 600 megawatts by the first six months of 2025.
Government of Bhutan Partners with Cryptocurrency Firm
Druk Holding & Investments (DHI), Bhutan’s government investment firm, has partnered with the renowned cryptocurrency company Bitdeer Technologies Group, listed on the Nasdaq exchange. This collaboration is intended to accelerate the development of the mining sector in the country.
Utilizing Renewable Energy Sources
With abundant hydroelectric resources, Bhutan is perfectly suited for conducting Bitcoin mining operations. Hydroelectric power, as a clean and renewable energy source, provides a solid foundation for the industry’s growth.
Sustainable Development of Mining Operations
The Kingdom of Bhutan is focusing on the efficiency and sustainable development of its mining operations by utilizing the latest technologies available in the industry. Planned improvements aim to establish Bhutan as a key player in the international mining arena.
Challenges Related to the 2024 Halving
Facing the upcoming halving in April 2024, Bhutan has set ambitious goals to overcome challenges associated with the 50% reduction in block rewards for Bitcoin miners. However, rising computational costs linked to increasing mining difficulty pose a significant challenge for the industry.
Advancement of Blockchain Technology
DHI sees blockchain technology as a crucial foundation for creating an innovation ecosystem for startups. Bhutan intends to leverage its renewable hydroelectric resources to achieve efficiency and become a major player in the international mining scene, contributing to the global transformation of the cryptocurrency sector.
