Bhutan is investing in all kinds of technologies including the crypto space and they are willing to partner with crypto companies that are based in Singapore. The progressive Southeast Asian country has tons of crypto companies that are ready to help any client to become more progressive too.
The primary aspect of tech that Bhutan is looking into is Bitcoin mining. That is a huge shift because they have always been a country that focuses on being carbon negative. They are ready to showcase that they are ready for the future and they are adapting to technological innovations.
Bitcoin and the crypto market have continued to be diverse in their usage. Investment is still the biggest avenue for crypto but it’s still the Bitcoin casino as the second-most popular part of the crypto market and its use. Take a look at what can happen with Bhutan if this works out.
Following in the footsteps of El Salvador and the C.A.R.
Both El Salvador and the Central African Republic have legalised using Bitcoin as a tender. That was a huge move for them to make because that was a big step towards crypto acceptance worldwide. Bhutan looks to follow in their footsteps without deeming Bitcoin as a tender.
Bhutan is known for its top place in the gross national happiness metric. That is a big deal because they are looking into the citizens’ well-being, not just economic growth. They are not the biggest tech fans in the past as they only allowed television and the internet in 1999. Druk Holdings and Investments chief Ujjwal Deep Dahal want to push for tech to speed up innovation which is why they’re focused on working with crypto companies.
Bhutan is a good country for hydropower
As a mountainous country, hydropower is a vital part of the industry in Bhutan. Companies have argued that hydropower provides an easy and renewable energy source for the energy-intensive process. Bitcoin mining takes up loads of power which is why people want to invest in hydropower more.
Bhutan has reserves of hydropower which can generate clean and renewable energy. People have always clamoured for this because they have relied on fossil fuels for a long time. Bhutan’s first mega power project was commissioned in 1986 and was dubbed the Chhukha Hydropower Project. Nowadays, hydropower is a huge part of their economy.
Compared to other South Asian countries, Bhutan has surplus energy available for export. That is why people want to keep it in the country because it can help with Bitcoin mining. The Dagachhu Hydropower Plant will most likely be the biggest generator of this energy as they generate 500,000-megawatt hours of power every year for India.
People have always talked about the problems with energy usage with Bitcoin but since this is renewable with water, this might be a healthy way to approach the crypto space. If they can reroute the power from Dagacchu and other plants in the country, Bitcoin mining can pan out well all over the country because energy is reusable.
Bhutan can become the biggest Bitcoin miner per capita
If Bhutan can keep a close eye on the Bitcoin market, they can capitalise on it if they have an infrastructure. They already have the power aspect but they should showcase they deserve to be Bitcoin miners. The government has to convince people they’re doing well with Bitcoin mining and lead to a successful project.
People might want investments but it’s still the Bitcoin casino as an enticing part of the space. Most crypto fans will love Bhutan because they have the structure and it will only improve from here.
