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A tiny Himalayan nation’s big crypto gamble (theworld.org)

submitted 3 weeks ago by alyaza to c/news

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About 15 miles outside Bhutan’s capital of Thimphu, Buddhist shrines dot the scenic landscape as prayer flags flutter in the breeze. But tucked away on the mountainside, a Bitcoin mine hums away, drowning out the sounds of the surrounding forest. Its teal roof is barely visible through the pine branches.

In the world of cryptocurrency, major economies like the United States, China and the United Kingdom dominate the landscape. But in recent years, Bhutan has emerged as an unexpected player. Known for its stunning landscapes, commitment to Gross National Happiness and Buddhist ethos, the Himalayan kingdom holds the fourth-largest state-owned stockpile of Bitcoin in the world.

The country’s bold foray into cryptocurrency signals its big ambitions but also represents a lifeline for its struggling economy.

“The grave situation Bhutan is in right now, I don’t think they could have found a better option than Bitcoin mining,” said Aditya Gowdara Shivamurthy, an associate research fellow at the Observer Research Foundation.

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[–] InevitableList 1 points 2 weeks ago

They use spare hydro power during the off season so the net impact on the environment is negligible.