Government of Bhutan has been running bitcoin mining operations for at least three years

The landlocked Kingdom of Bhutan, located in the Eastern Himalayas, has used its renewable energy sources to run bitcoin mining operations for years. Talks about the hydropower project are understood to have started in 2020, although the government has still not revealed its plans as of this week. A government representative said the country started mining bitcoin “a few years ago as one of the early entrants at a bitcoin price of around $5,000.” with revenue used to subsidize electricity and hardware costs. According to people familiar with the matter, Bhutan is negotiating with BitDeer, a mining company listed on Nasdaq, and the cooperation with Bhutan will increase BitDeer's mining capacity. BitDeer said in an investor report on April 19, "We expect Bhutan's 550 MW electricity supply to generate 100 MW of electricity, and the construction of mining data centers is expected to start in the second quarter of 2023, and in 2024 Completed in the third quarter." Its announcement did not specify who would ultimately own the center. Insiders at its rival service and mining pool said they had held advanced talks with senior government officials about building and operating a hydroelectric business. Over the past year, Druk Holdings & Investments, the government’s sovereign wealth fund owned and managed by the royal family of the Kingdom of Bhutan, has poured tens of millions of dollars into Bitcoin, Ethereum, and other digital assets, according to court documents. It is reported that the fund holds $ 2.9 billion in assets.