Bitcoin

Bhutan’s largest and only government-owned holding company Druk Holding and Investments (DHI), has confirmed that it has been mining Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) for several years as part of its diversified portfolio.According to the company, its interest in <a href="https://finbold.com/guide/bitcoin-mining-guide/" rel="noopener noreferrer nofollow">Bitcoin mining</a> began when the maiden cryptocurrency was valued at around $5,000, but it also has a slight interest in Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>), the local media outlet The Bhutanese reported on April 28.DHI officials <a href="https://thebhutanese.bt/dhi-confirms-that-it-is-mining-digital-assets/" rel="noopener noreferrer nofollow">assured</a> that the risks associated with <a href="https://finbold.com/cryptocurrencies" rel="noopener noreferrer nofollow">cryptocurrencies</a> are mitigated, considering that the company is not involved in direct <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">selling and buying digital assets</a>. At the same time, DHI noted that the investment pays for itself by selling Bitcoin to cater for the mining operational costs.The company clarified that the investment in Bitcoin mining is a strategic move rather than driven by the fear of missing out (<a href="https://finbold.com/guide/what-is-hodl/#h-fomo" rel="noopener noreferrer nofollow">FOMO</a>) on the technology. As part of this strategy, DHI is assembling a team of experts in cryptocurrencies and harnessing the benefits of regulated <a href="https://finbold.com/guide/best-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> worldwide.Finbold initially <a href="https://finbold.com/kingdom-of-bhutan-secretly-invests-millions-in-bitcoin/" rel="noopener noreferrer nofollow">reported</a> that it emerged that the landlocked Himalayan country was secretly investing millions in Bitcoin alongside other digital assets. The investment revelations came to light following the bankruptcies of crypto lenders BlockFi and Celsius.<h2 id="header-0">Surplus of electricity</h2>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.<blockquote>“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.</blockquote>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.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bhutan is silently mining Bitcoin for years since BTC was $5,000

Table of Contents

Finbold

Outros artigos publicados em 30 de abr. de 2023

Shido is entering May, the biggest month yet!

The mystery behind Bitcoin’s recent crash: Did Mt. Gox and the US government cause it?

Book Best Hotels in Japan Using Your Favorite Cryptocurrency

How to Ensure Security, Privacy, and Control of Blockchain Transactions

Dogecoin price analysis: As selling pressure builds, bears lower the price to $0.0814.

Ethereum liquid staking gains momentum post-Shapella upgrade

Join our free newsletter for daily crypto updates!