Bhutan Secretly Built Large Bitcoin Mines Using Hydropower, Consuming More Energy Than the Country
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Bhutan has secretly built at least 4 large bitcoin mining facilities across the country, just revealed through satellite imagery. One is on the site of the failed $1 billion "Education City" project.
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The mining operations are run by the government's sovereign wealth fund Druk Holdings & Investment (DHI), which started bitcoin mining in 2019 to offset economic losses from the pandemic.
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Bhutan has imported over $220 million in bitcoin mining equipment from China and seen a 63% spike in industrial power usage in 2022, suggesting major mining expansion.
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The mines are powered by Bhutan's extensive hydroelectric resources, but may be shut down in winter when hydropower generation drops.
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Bhutan also partnered with Singapore-based Bitdeer to build one of Asia's largest mines at 600 MW capacity, consuming more energy than the rest of the country.