Degen

Bhutan, a small Buddhist kingdom in the eastern Himalayas, appears to be investing in Bitcoin mining as a way to alleviate its economic woes.

In an interview with Al Jazeera, Bhutanese Prime Minister Tshering Tobgay called Bitcoin mining a “strategic choice” that governments must make.

Bhutan is grappling with economic problems such as youth unemployment and the exodus of skilled workers. The government is reportedly selling $100 million in digital currency in 2024 to boost civil servants’ salaries.

Bhutan’s Bitcoin reserves are estimated to be worth more than $600 million, equivalent to 30 percent of the country’s GDP. The head of Bhutan’s state-owned holding company has stressed the importance of harnessing the country’s green energy for Bitcoin mining. With abundant hydroelectric resources and cool temperatures, Bhutan could benefit from Bitcoin mining.