Skip to main content

Report: Bhutan Commences Plan to Develop 600-Megawatt Bitcoin Mining Farm

Report: Bhutan Commences Plan to Develop 600-Megawatt Bitcoin Mining Farm

The Himalayan Kingdom of Bhutan along with its partner Bitdeer Technologies Group has reportedly kickstarted plans to develop a 600-megawatt crypto mining farm. Bitcoin mining in the kingdom is expected to “equip citizens to participate in the modern global economy from within Bhutan.”

Bhutan’s Green and Affordable Power

The Southeast Asian kingdom of Bhutan has reportedly set in motion a plan to develop a 600-megawatt bitcoin mining farm with the Bitdeer Technologies Group. According to a Nikkei Asia report, Bitdeer, which is tasked with raising $500 million in capital from global investors, has already confirmed the commencement of the capital-raising drive.

Ujjwal Deep Dahal, the CEO of Druk Holding and Investments, is quoted in the report explaining why Bhutan is suitable for Bitcoin mining.

“While Bhutan faces geographical constraints and connectivity challenges, being landlocked and mountainous, its green and relatively cheaper power provides an opportunity to invest in digital assets to build a more connected and sustainable economy,” Dahal explained.

Priority Given to Domestic Power Requirements

The CEO also suggested that the envisioned crypto mining will likely help deepen local residents’ knowledge and engagement. Bitcoin mining in the kingdom will also ostensibly help “equip citizens to participate in the modern global economy from within Bhutan.”

The Nikkei Asia report hinted that the Bhutanese economy, still reeling from the effects of Covid-19 and foreign exchange issues, will benefit from crypto-mining.

The report further revealed that crypto mining operations accounting for the first 100 megawatts (MW) are expected to start in September. Bhutanese officials also said they expect this figure to rise to 600 MW in the next three years.

Under the arrangement agreed between Bitdeer and Bhutan’s DHI, only domestic requirements should receive first priority. However, in winter when the power generated drops, mining operations will be shut down, the report said.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/W7TjpvN
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more