"Be patient everyone, maybe it's because Bhutan doesn't want to make a fuss."
Since October 2017 when the price of Bitcoin (BTC) was trading at $5,000, the Government of Bhutan located in the Eastern Himalayas has been using renewable energy sources to run mining operations for the digital asset.
Explained in more detail, the Government of Bhutan has applied their hydroelectric resources to establish state-owned BTC mining without disclosing it to the public or outsiders.
In addition to refusing to reveal the location of the mining, the Himalayan country has not reported its profits even though they have been involved in BTC mining for more than three years.
However, Bhutan has signed an agreement with Bitdeer, a mining company listed on the Nasdaq to build a mining data center that is expected to be completed in the third quarter of 2024 to generate 100 MW of the 550 MW power supply.
Some believe now is the time for Bhutan to open up its efforts to the local population, but a former international adviser believes the country should be careful following crypto, which has its own risks.
According to an analyst in Luxor named Jaran Mellerud, one of the main reasons for the BTC mining project is that the Himalayan country has large resources and hydropower capacity generated from many rivers.
Not only that, Bhutan also produces so much electricity that they export around 75% of the amount generated each year to its western neighbor India during the rainy season.
Like to be informed that a country like Bhutan that mines BTC will probably make a profit if the price spikes in a few years and they will receive multiple advantages in the global adoption of crypto.
