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Coin Circle (120Btc.com) News: Bhutan, a mysterious country located at the foot of the Himalayas, has been praised as "the happiest country in the world" many times. Its sovereign wealth fund Druk
Holdings & Investments (DHI) was revealed by Forbes to have quietly invested tens of millions of dollars in digital assets such as Bitcoin and Ethereum, and was also a client of bankrupt crypto lending platforms BlockFi and Celsius.

 **Bhutan started mining when Bitcoin was worth $5,000**

And just over the weekend, DHI told local media "The
"Bhutanese" confirmed that as one of its many diversified investment portfolios, the largest and only state-owned sovereign investment institution in the Kingdom of Bhutan has been engaged in Bitcoin mining in Bhutan for many years, and revealed that the institution has approximately 5,000 Bitcoins worth. The U.S. dollar entered the field of Bitcoin mining, but did not specifically answer when the current mining business started, where it is located, and whether it has become profitable.

DHI stated that the majority of their mining operations are focused on Bitcoin, but they are also slightly interested in mining Ethereum (ETH). When asked about the institution’s borrowings from BlockFi and Celsius, the DHI CEO stated that all borrowings had been repaid and settled, while clarifying that the institution had not incurred losses in cryptocurrency lending. "

“If you compare the borrowing costs of digital assets with the cost of mining in Bhutan, DHI will not lose money on the lending of digital assets. Secondly, even if companies that lend or trade digital assets go bankrupt in large numbers internationally, DHI will not lose money on mining. Acquired digital assets are stored anywhere where there is a risk of loss.”

DHI pointed out that they sell Bitcoin to cover the high cost of mining operations and to pay for the hardware required for mining operations. The company stated that investment in Bitcoin mining is a strategic move, and DHI is forming a team of cryptocurrency experts. The focus on blockchain technology is not just to invest in digital assets, but to invest in the entire technology field, To promote economic growth and improve the lives of the people of Bhutan.

 **Utilize excess hydropower for mining**

In fact, the country has abundant hydropower resources and can export about 72% of the electricity produced by hydropower to India every year. The revenue from hydropower accounts for 30% of the country’s GDP. The key point is that this electricity is very cheap. The country is located in The high mountain location also provides an excellent naturally air-conditioned place for establishing a cryptocurrency mining operation, which brings strong advantages and attractions to the country's cryptocurrency mining.

Forbes reported yesterday that Bhutan is exploring partnerships to further expand its mining operations. Bitdeer, one of the world’s largest Bitcoin miners listed on Nasdaq this month, disclosed to investors that it is in talks with Bhutan, where a Bitcoin mining data center is expected to generate 100MW. of electricity, this collaboration is expected to increase Bitdeer’s mining capacity by approximately 12%.

Luxor Bitcoin Mining Analyst Jaran
Mellerud commented: It is not surprising that entities are mining Bitcoin in Bhutan. Compared to its sparse population, the mountainous country has vast hydropower capacity, generating as much power per capita as the United States, making this cheap, stranded power available to miners whose only job is to turn undervalued electricity into Bitcoin. Hydropower is undoubtedly attractive.

In addition, Bhutan’s customs data also hints that Bhutan’s state-run cryptocurrency mining business is continuing to expand. This landlocked country, which originally imported mainly oil, steel and rice, imported chips worth approximately US$142 million last year. , imported about US$51 million in chips in 2021, ranking first in the country's imported materials for two consecutive years. This has also made some international people realize that the US$193 million spent on computer chips has contributed to a huge trade deficit.

"It is worrying that Bhutan's resources have been invested in highly volatile and risky investments in a clandestine manner, which has placed a heavy burden on Bhutan's economic environment," said a former international consultant who requested anonymity. .”