In May, it was reported that Bhutan has accumulated 8,594 BTC through hydroelectric mining. The tiny state started this activity five years ago, back in 2020. For a long time, the country was among the five largest holders of BTC. Until it became known in June that the actual number of bitcoins accumulated by Bhutan did not reach 13,029, worth $1.3 billion. This is approximately 40% of the gross domestic product of the country with a population of 780 thousand people.
Bhutan plans to keep its bitcoins. The government has also started exploring ways to use cryptocurrency in everyday life. In May, Bhutan launched a payment system for tourists that allows them to pay for airline tickets, hotels, and visas using more than 100 cryptocurrencies.
The country is actively developing, but only in recent years. There are no traffic lights in the capital Thimphu. Archery competitions are a popular weekend pastime. The first credit card transaction in Bhutan took place in 2010.
Bitcoin mining is beneficial to the country from all sides: in summer, there is a surplus of energy that is used for mining. In other words, BTC acts as a fund accumulator.
Source: The Wall Street Journal
Spelling error report
The following text will be sent to our editors: