Bhutan Has Been Mining Bitcoin Since 2019
A couple of weeks ago it was revealed that Bhutan has secretly been buying up bitcoin. This revelation came as a discovery in BlockFi's bankruptcy documents. For crypto enthusiasts it is a great news and a proof of interest in bitcoin by sovereign funds. But critics started questioning the secrecy of these actions. How these bitcoin purchases were not disclosed, and Bhutan's citizens were not made aware of these investments. How often do governments disclose all investments in details? and Why is this anybody's business?
Bhutan continues to surprise us. In the latest news it has been revealed that Bhutan has not only been buying up bitcoin but also has been mining bitcoin since April 2019. Once again the the question of secrecy of these positives moves towards bitcoin are being raised. That probably means there is no other objections or good arguments can be made against mining bitcoin or investing in bitcoin by sovereign funds. It is understandable that a country like Bhutan would like to keep their crypto ambitions secret. Majority of the governments, international bankers, and mainstream media have been publicly and loudly critical of bitcoin and crypto. IMF and World Bank have issues publications criticizing El Salvador when they adopted bitcoin as legal tender. IMF even included legal provisions in deals made with Argentina that the country shouldn't get involved in crypto. International bankers and government have been clear that bitcoin is a threat to the status quo, and they wouldn't like to see countries making monetary decision involving crypto on their own.
Sovereign countries should be able to make all financial and monetary policy decisions, taking into accounts the benefits and disadvantages, without any outside influence. It was a courageous move by El Salvador when it became the first country that made bitcoin a legal tender. We knew it wouldn't be the only country that would take similar steps towards bitcoin and crypto. Simply because the benefits bitcoin and other decentralized systems offer. One of the benefits is utilizing unique geographical locations and using renewable energy in powering bitcoin and crypto mining. Such projects can help countries build and grow their energy infrastructure and potentially lower the costs of energy for its citizens.
One of the biggest criticisms thrown at bitcoin and crypto mining has been inefficient use of energy and contributions to global pollution. These claims have been proven incorrect. Not only most of bitcoin mining relies on renewable and clean energy, the bitcoin mining system incentivizes innovation in energy and exploration of cheaper renewable energy source options. El Salvador's bitcoin mining project involves using geothermal energy from volcanos. Bhutan on the other hand uses hydroelectric plants. With its immense hydroelectric potential it only makes sense the country would take advantage of the newest technology. It looks like Bhutan will only be expanding its involvement in bitcoin mining and perhaps enter into partnership with mining companies.
I wonder how many more countries are secretly mining bitcoin or at least considering it. It would be negligence if countries or their energy departments don't review the potentials, benefits, and disadvantages of crypto mining. Countries have different geographies and one solutions wouldn't fit them all, but they all have potentials for harvesting different kinds of renewable energy utilizing different kind of infrastructure and technology. It is always expensive to explore such options and usually it requires partnering with companies who specialize in certain types of energy harvesting. Companies have funding and technology for such purposes and governments may end up getting a deal that may not be completely beneficial for them. Ability to mind crypto while building energy infrastructure may be a viable option for funding such projects.
Investing and mining are only couple of ways bitcoin may benefit many. Not only sovereign countries, but also companies. We will probably hear more and more corporate funds being involved in bitcoin investments as well in the future. Just like for countries revealing interest in crypto for companies may not be an easy thing to do. They wouldn't want to attract unnecessary attention.
I sincerely hope such ambitions would drive innovation and exploration of new ideas that countries haven't even considered before. The benefits of such actions can go beyond sound monetary policy, but benefit people in a way they couldn't have before. Bitcoin is truly revolutionary. Who is next?
I really feel proud as a neighbour of Bhutan for this brave and amazing step of acquiring and mining bitcoin. 14% of Bhutan’s GDP and 26% of the total govt. revenue in this country comes from generating hydroelectric alone. They produce enough green energy without harming the environment so using electricity to mine bitcoin is not a concerning issue in there at all. More and more countries are relying on bitcoin and seeing it as an asset which really spreads a positive message. Great post ❤️
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I happy to see that another country is involved in cryptos, but secretly. If the numver of such countries are more than one, the truth will be revealed sooner or later.
the cool thing about states mining bitcoin is that they don't have to pay taxes 😄 It's a no brainer, really. But it's probably something we will continue seeing in states of the global south
Yes, no taxes and they have full control. Don't need to seek permission.
Bhutan knows that Bitcoin has the potential to be great and vety expensive. This is why they have been storing Bitcoin for years. It is a good move!!!
Thanks, very good news. This suggests that BTC is increasingly seen as a store of value
If it's a good and profitable idea to mine Bitcoin then why China banned it few years ago?
China might be realizing they made a mistake. If not they will realize it one day. It never made sense to me why they did that though. The only thing I can think of is to clear the space for their CBDC.
It's good to see sovereign nation make good moves without the interference of Top Countries.
Just imagine since 2019, what a smart move from the government.
Source
I hope the government does not invest in bitcoin for their own profit, because it's the tax payers money that is being used.
Besides, how could such secrecy from the government escalate ?.
Don't mean to deviate, but i see russia taking over in bitcoin mining. Even with the war, they are still consistent in generating more power.
It's really a great move for the country. Utilising their energy structure to mine bitcoin seems like a win-win situation to me. I hope the international bodies and top governments don't try to interfere now that it is no longer a secret. Bitcoin is good for the world.
It's interesting to hear that Bhutan has been secretly mining and investing in Bitcoin. The benefits of using renewable energy sources in Bitcoin mining could be significant. I wonder how many other countries are considering this approach, and whether we'll see more corporate funds investing in Bitcoin too.
Bhutan is ensuring that their happiness index stays intact for centuries to come. 😂
lol. good point.
Good for them! I know they didn’t say anything about it because of their smaller status geopolitically so they didn’t want to make any waves when it was all going down. I think in the future we will be finding out a lot more about countries who have done these things without saying much about it until it’s a good time. Then there’s certainly the security threat to know you have a few thousand bitcoin and others trying to invade to seize it. Lots of considerations for sure!
We know it is better to embrace it instead of fighting it. It is important to have an open mind toward innovation.
Im not sure if countries mining and controlling BTC. because possibly they will manipulate the prices more, im not saying they are not manipulating now. they are for sure. but if they openly admit they are mining and/or regulating it in some way, things can change quickly. Thay can trade BTC in cheap prices and influence the market imo. 🤔
Secretly the banks are trying to save their a**** after the latest collapse. Im sure some of them invested in cyripto already. Sometimes I wonder if there is really individuals are the BTC rich or the companies / banks.
Sure markets can be manipulated in the short term. But I doubt anybody can manipulate bitcoin market in a long term.
I will be reading crypto this month mostly, otherwise I’m in the dark and open to manipulation as well.
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Wow, this blog post opened my eyes to Bhutan's involvement in Bitcoin mining @geekgirl! It's incredible how they've been quietly exploring this space since 2019. I can understand why some people question the secrecy surrounding these actions, but at the same time, it's fascinating to consider the potential reasons behind them. Governments often face scrutiny and criticism for their financial decisions, so it's not surprising that Bhutan would want to keep their crypto ambitions under wraps.
I wholeheartedly agree that sovereign countries should be free to make financial and monetary policy decisions. El Salvador's courageous step in adopting Bitcoin as a legal tender was a game-changer, and it's exciting to think that more countries might follow suit. Utilizing renewable energy sources like hydroelectric power for Bitcoin mining is truly inspiring. It not only helps countries build and strengthen their energy infrastructure but also contributes to a more sustainable future.
The misconception surrounding Bitcoin's energy consumption is a common concern, but it's reassuring to know that most mining operations rely on clean and renewable energy. In fact, it's great to see how the Bitcoin mining system incentivizes the exploration of new and cheaper energy sources. Bhutan's involvement in bitcoin mining and potential partnerships with mining companies is a fantastic opportunity to harness its immense hydroelectric potential.
I couldn't agree more with the call for countries to thoroughly evaluate the benefits and drawbacks of crypto mining. Each country has unique geography and energy needs, so tailored solutions are crucial. By partnering with specialized energy companies, governments can explore funding options that benefit them in the long run.
Lastly, I'm thrilled to see how Bitcoin's influence extends beyond governments and into the corporate world. As more companies embrace Bitcoin investments, we can expect to see even greater innovation and adoption. It's understandable that companies might be cautious about disclosing their involvement, given the attention it may attract.
This blog post has left me inspired and curious about which country will be the next to join the Bitcoin revolution. I truly believe that Bitcoin has the power to drive positive change and innovation in ways we couldn't have imagined. Thanks for sharing this thought-provoking article @geekgirl!
If they are mining from April 2019, they must have a huge amount of bitcoin which will definitely help their economy when the right time to sell comes.
Yea very small participant in mining. They may have accumulated some bitcoins, but I don't think the numbers are that significant.
I think that countries that have been excluded or feel excluded are going to be doing this in a big way. I think El Salvador did more than stimulate its own economy, as well as garner global attention... but also signaled to other smaller, and unrecognized countries a path to follow...
They have done his job is very good for their country because they knew that within the next few years the value of Bitcoin will increase and the way we see how much Bitcoin will be in 2021. It was too much. And the rulers of our country still don't understand this thing, don't cry, even crypto has not been legalized here in Pakistan. When we see Bitcoin will go to one lac dollars in the upcoming bull market, then the rulers of our country will understand this.
I would hope that he is more transparent with his actions but I still think it does benefit crypto/BTC in the end. The benefits are there but I prefer people making more informed decisions and the citizens deserve to know where their government money is going towards.
I don't see where this harms anyone, either in the country it's occurring or especially anywhere else? Why would other countries punish over it, even if they dislike crypto? Nations disagree on many things, and yet if it's beneficial they'll still cooperate with each other.
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Interesting read I must confess. It's worth noting that Bitcoin mining can be a resource-intensive process, requiring a significant amount of electricity and computing power. Given that Bhutan's economy is primarily based on hydropower, which generates clean energy, it's possible that the country's mining operations may have a lower environmental impact than in other regions.