Bhutan's DHI has confirmed that it has been mining Bitcoin (BTC) for several years as part of its diversified portfolio.
Surplus of electricity
The mining operation is powered by Bhutan’s renewable energy source, which is generated through hydro projects. Notably, the country generates nearly 100% of its electricity from renewable sources, which produces a surplus of electricity, making it ideal for Bitcoin mining.
The venture into cryptocurrency mining is part of Bhutan’s efforts to spur economic growth, where technology is viewed as a key element.
“Our portfolio contains investments across a range of asset classes that deliver exposure to traditional sectors and the industries driving the modern economy. This includes global equities, fixed income and venture capital investments in promising startups; domestic and international real estate; renewable energy including hydropower generation; healthtech, biotech, life sciences, and agritech; and digital asset mining and investment,” said a statement from DHI.
Furthermore, DHI CEO Ujjwal Deep Dahal explained that the company had managed to repay all the loans borrowed from bankrupted crypto firms BlockFi and Celsius. He clarified that DHI did not suffer any financial losses compared to the cost of mining digital assets in Bhutan.
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