The Himalayan nation of Bhutan plans to quintuple its bitcoin mining operations ahead of the impending halving event in April.
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BREAKING NEWS: The Kingdom of Bhutan will increase its mining capacity 6 times before twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin
Nation state FOMO is setting in pic.twitter.com/kLsU3fGk0U
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1776196082164224017?ref_src=twsrc%5Etfw”>April 5, 2024
According bitcoin–btc-mining-in-himalayas-as-halving-looms?srnd=undefined”>Bloomberg, Bhutan's sovereign wealth fund Druk Holding & Investments is partnering with bitcoin mining company Bitdeer to increase capacity from 100 to 600 megawatts. The country has shown institutional interest in bitcoin, and its sovereign wealth fund has purchased btc as prices hovered around $5,000.
Bhutan announced last year that it was raising $500 million to boost mining operations. By framing mining as a business opportunity and crisis mitigation tool, Bhutan has embraced bitcoin more fully than most nations. Its renewable hydroelectric energy reserves also make it an ideal location for green mining.
The new investment in cutting-edge mining hardware comes as the bitcoin network faces a halve in mid-April. The quadrennial event halves block rewards for miners, impacting revenue.
Bhutan cited offsetting the impact of the halving as a motivation to expand its mining operations. Bitdeer has one of the lowest costs per bitcoin mined in the industry, at $20,000 per coin, well below the global average of up to $45,000.
The remote Himalayan nation has also seen bitcoin mining as a way to boost rural economies and jobs.
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