Bitcoin

In anticipation of the upcoming Bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/" rel="noopener noreferrer nofollow">halving</a>, Bhutan is making significant strides to enhance its Bitcoin mining capabilities, in collaboration with <a href="https://ultramining.com/news/en/bitdeer-pioneers-crypto-mining-expansion-with-norway-and-bhutan-data-centers/" rel="noopener noreferrer nofollow">Bitdeer</a> Technologies Group. This strategic partnership aims to triple the Himalayan kingdom's mining capacity, leveraging state-of-the-art technology to elevate Bhutan's position in the global Bitcoin mining landscape. By the first half of 2025, the initiative is set to boost Bhutan's mining capacity by an additional 500 megawatts, bringing the total to an impressive 600 megawatts, according to <a href="https://coingape.com/bhutan-plans-to-boost-bitcoin-mining-capacity-ahead-of-halving/" rel="noopener noreferrer nofollow">Coingape</a>.
The move into Bitcoin mining by Bhutan, initiated in 2023, marked a pivotal shift towards embracing the digital currency era, especially in the aftermath of the economic downturn caused by the COVID-19 pandemic. With the nation grappling with decreased foreign exchange reserves, a spike in non-performing loans, and a youth unemployment rate at 29%, venturing into the volatile yet potentially lucrative domain of cryptocurrency mining emerged as a strategic economic diversification effort.
The urgency for expanding Bitcoin mining operations is underscored by the looming halving event. The surge in global mining electricity consumption to a record 19.6 gigawatts this month, from 12.1 gigawatts in 2023, mirrors the industry's ramp-up efforts ahead of the halving.
This collaborative venture between Bhutan and Bitdeer not only signifies a forward-looking approach to national economic recovery and diversification but also positions Bhutan as a burgeoning hub in the Bitcoin mining sector.&nbsp;&nbsp;

Bhutan Amplifies Bitcoin Mining Efforts with Bitdeer Partnership

Ultramining_Eng

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