HomeBTCBhutan to Boost Bitcoin Mining Capacity by 500% Ahead of Halving

Bhutan to Boost Bitcoin Mining Capacity by 500% Ahead of Halving

-



The Himalayan nation of Bhutan plans to expand its Bitcoin mining operations fivefold ahead of the impending halving event in April.

According to Bloomberg, Bhutan’s sovereign wealth fund Druk Holding & Investments is partnering with Bitcoin mining firm Bitdeer to ramp up capacity from 100 to 600 megawatts. The country has taken an institutional interest in Bitcoin, with its sovereign fund purchasing BTC since prices were around $5,000.

Bhutan announced last year it was raising $500 million to boost mining operations. By framing mining as both a commercial opportunity and crisis mitigation tool, Bhutan has embraced Bitcoin more fully than most nations. Its renewable hydropower reserves also make it an ideal location for eco-friendly mining.

The new investment in cutting-edge mining hardware comes as the Bitcoin network faces a halving in mid-April. The quadrennial event cuts block rewards for miners in half, impacting revenue.

Bhutan cited offsetting the halving’s impact as a motivation for expanding its mining operations. Bitdeer has one of the lowest costs per Bitcoin mined in the industry at $20,000 per coin, far below the global average of up to $45,000.

The remote Himalayan nation has also viewed Bitcoin mining as a way to boost rural economies and jobs. 



LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

XRP Lawyer Debunks Ripple-SEC Settlement Rumor For Tomorrow

A rumor claiming a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) scheduled for a closed meeting on July 18...

Worldcoin (WLD) Price Spikes Over 55% but ZachXBT Issues Caution to Investors

The Wordcoin (WLD) community recently surpassed 6 million users, thus fueling the ongoing bullish rebound. Worldcoin (WLD), a Web3 project incubated by OpenAI CEO Sam...

Bitcoin Price Prediction: BTC Breaks $65K As Craig Wright Admits He’s Not Satoshi Nakamoto And Investors Flock To This Learn-To-Earn Crypto For Its 696%...

Join Our Telegram channel to stay up to date on breaking news coverage The Bitcoin price soared 2% in the last 24 hours to trade...

EEA Releases DeFi Risk Assessment Guidelines v1

17 July 2024 EEA today published the DeFi Risk Assessment Guidelines, Version 1 <https://entethalliance.org/specs/defi-risks/>. This is a pioneering document compiling risks for DeFi protocols, along...

Most Popular