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Bhutan is set to significantly expand its Bitcoin mining efforts in collaboration with Bitdeer Technologies Group, a strategic move aimed at cushioning the impact of the anticipated crypto halving event. Druk Holding & Investments, the investment arm of Bhutan, and the Nasdaq-listed Bitdeer plan to enhance the nation’s mining capabilities by introducing advanced hardware, increasing capacity by sixfold to reach 600 megawatts by the first half of 2025. This expansion, fueled by a $500 million fund, leverages Bhutan’s rich hydroelectric power resources, promising operational efficiency despite potential post-halving price drops in Bitcoin.
The halving event, expected to slash mining rewards from 6.25 to 3.125 Bitcoins per block, poses a challenge by reducing revenue for miners. Yet, Bhutan and Bitdeer are prepared, banking on their ability to maintain low operational costs. Amidst a 140% Bitcoin rally over the past year and surging computing costs due to increased mining difficulty, Bhutan’s strategic investment in state-of-the-art mining technology not only aims to fortify its economy against fluctuations but also marks a significant step towards embracing blockchain as a cornerstone for innovation and economic diversification.
