The Himalayan nation of Bhutan plans to increase its Bitcoin mining operations fivefold forward of the approaching halving occasion in April.
BREAKING: 🇧🇹 Kingdom of Bhutan to extend mining capability 6x forward of the #Bitcoin halving to 600 megawatts.
Nation state FOMO is setting in 🙌 pic.twitter.com/kLsU3fGk0U
— Bitcoin Journal (@BitcoinMagazine) April 5, 2024
Based on Bloomberg, Bhutan’s sovereign wealth fund Druk Holding & Investments is partnering with Bitcoin mining agency Bitdeer to ramp up capability from 100 to 600 megawatts. The nation has taken an institutional curiosity in Bitcoin, with its sovereign fund buying BTC since costs had been round $5,000.
Bhutan introduced final yr it was elevating $500 million to spice up mining operations. By framing mining as each a business alternative and disaster mitigation software, Bhutan has embraced Bitcoin extra absolutely than most nations. Its renewable hydropower reserves additionally make it an excellent location for eco-friendly mining.
The brand new funding in cutting-edge mining {hardware} comes because the Bitcoin community faces a halving in mid-April. The quadrennial occasion cuts block rewards for miners in half, impacting income.
Bhutan cited offsetting the halving’s impression as a motivation for increasing its mining operations. Bitdeer has one of many lowest prices per Bitcoin mined within the business at $20,000 per coin, far beneath the worldwide common of as much as $45,000.
The distant Himalayan nation has additionally considered Bitcoin mining as a approach to increase rural economies and jobs.