Bhutan continues to leverage new technologies, especially Bitcoin and blockchain, to boost its economy. According to multiple reports, Gelephu Mindness City (GMC) is ready to integrate digital assets such as Bitcoin, BNB, and Ethereum into its strategic reserve.
The Mindfulness City near Gelephu is a newly created special administrative region that will serve as the country’s economic center and tourist attraction. Bhutan is a modern city centered on innovation, so its announcement of a strategic reserve for Bitcoin and cryptocurrencies is not a surprise to many, said King of Bhutan, Jigme Khesar Namgyel Wangchuk.
A major milestone for blockchain adoption! ✨⛰️
Gelephu Mind City (GMC), Bhutan’s new Special Administration Region, has just announced that it will hold BNB, BTC, and ETH as part of its strategic reserve.Learn how BNB listing highlights global confidence in BNB Chain… https://t.co/HCfgKJulIL
— BNB Chain (@BNBCHAIN) January 8, 2025
Bhutan continues its Bitcoin strategy
Bhutan is one of the first countries to realize the potential of Bitcoin and blockchain technology. This small Asian kingdom in the Himalayas began mining Bitcoin in April 2019, when the world’s best digital asset was trading at $7,000. Druk Holdings and Investments (DHI) and Green Digital Limited (GDL) operate as investment arms in the country.
Source: Arkham Intelligence
Thanks to an early start in Bitcoin mining and adoption, Bhutan now has significant Bitcoin holdings. According to Bitwise Europe, Bhutan is currently taking over 11,000 BitcoinThis number will continue to grow with Mindfulness City Last ad To add more Bitcoin and cryptocurrencies to its strategic reserve.
The same Bitwise Europe chart also notes that the United States remains the largest sovereign holder of Bitcoin, with around 198,000 BTC, and China is second on the list.
𝗖𝗵𝗮𝗿𝘁-𝗼𝗳-𝘁𝗵𝗲-𝗪𝗲𝗲𝗸 𝗌
Based on the latest available public information, the United States remains the largest sovereign holder of Bitcoin with approximately 198,000 BTC on the government balance sheet, closely followed by China. pic.twitter.com/L3j5o95Oyx
— Bitwise Europe (formerly ETC Group) (@Bitwise_Europe) December 18, 2024
Bitcoin Mining Initiative in Bhutan
Currently, Bhutan is developing its cryptocurrency mining facilities in phases in collaboration with Bitdeer Technologies. Initially, the Kingdom launched a 100 MW facility which is currently in operation. The government aims to start operating its second facility by mid-year with a larger capacity of 500 megawatts.
Interestingly, Bhutan has developed a plan to help offset the high energy consumption associated with cryptocurrency mining. Unlike other mining companies, the Kingdom took advantage of hydroelectric resources to operate its facilities.
Bhutan’s 100 MW mining center in Gedo runs on hydroelectricity and is environmentally friendly. The Gedu facility houses more than 30,000 cryptocurrency mining machines and can produce between three and five bitcoins per day.
Bitcoin politics is becoming more popular
Bitcoin and cryptocurrencies are now popularly integrated into many government policies, especially as part of the Strategic Asset Reserve. The United States remains the industry leader, at least in its efforts to integrate bitcoin and cryptocurrencies into its national agenda. Last year, Senator Cynthia Lummis introduced a bill that would allow the government to create a strategic reserve.
China is another country that is slowly adopting Bitcoin and blockchain into its financial system. El Salvador, on the other hand, has doubled its efforts to add more Bitcoin to its national treasury. However, Bhutan remains a unique case of an independent Bitcoin facility that prioritizes environmentally friendly technologies.
Featured image from Pexels, chart from TradingView
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