Bhutan, a small country in the Himalayas, has been quietly mining Bitcoin since 2019. The work is led by its state-owned company, Druk Holding and Investments (DHI). Unlike most places, Bhutan uses its own hydropower to run the mining operations. The electricity comes from the country’s rivers, making it cleaner and cheaper than fossil fuels.
Unlike many countries, Bhutan powers its mining operations with clean, renewable energy. With rivers running through its steep valleys, hydropower has long been one of Bhutan’s biggest strengths. That same energy now fuels its Bitcoin mining, giving the country a greener and more sustainable approach to an industry often blamed for its high energy use.
Back when Bhutan first started mining, Bitcoin was trading below $10,000. Today, it’s worth around $105K. That sharp rise in price has turned the country’s quiet investment into a major asset. Bhutan is now believed to be among the largest holders of Bitcoin in the world — a surprising fact for a country with just $3 billion under management through DHI.
For comparison, Singapore’s sovereign fund, Temasek, manages over $300 billion. But DHI’s CEO, Ujjwal Deep Dahal, isn’t worried about the difference in size. He says Bhutan’s small scale allows it to move faster and be more flexible. “Size does not matter,” Dahal said.
DHI is also backing the Gelephu Mindfulness City project, a 2,500-square-kilometer economic zone designed to attract green businesses, healthcare firms, and tech startups. The goal is to create new jobs, reduce the country’s reliance on tourism, and offer Bhutanese youth more opportunities at home.
Bhutan still faces big challenges, including a wave of young people leaving for jobs abroad. But it’sa bet on Bitcoin and green energy shows it’s thinking long-term.
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