Bhutan has been processing Bitcoin in secret for years since its price was $5,000
Druk Holding and Investments (DHI), the biggest and only state-owned holding company in Bhutan has revealed that it has been mining Bitcoin (BTC) for many years as part of its diverse portfolio.
The Bhutanese reported on April 28 that the company’s interest in Bitcoin mining began when the first cryptocurrency was worth approximately $5,000, but it also has a minor interest in Ethereum (ETH).
Officials from DHI assured that the risks associated with cryptocurrencies are mitigated, as the company does not engage in the direct sale and purchase of digital assets. DHI also noted that the investment compensates for itself by selling Bitcoin to cover the operational costs of Bitcoin mining.
The corporation has made it clear that its decision to engage in Bitcoin mining is strategic and not motivated by FOMO. As part of this strategy, DHI is assembling a team of cryptocurrency experts and leveraging the advantages of globally regulated cryptocurrency exchanges.
Finbold initially reported that it was discovered that the landlocked Himalayan nation was investing millions of dollars in Bitcoin and other digital assets in secret. Following the bankruptcy of crypto-lenders BlockFi and Celsius, the investment revelations came to light.
The mining operation is powered by hydroelectric projects, which are Bhutan’s renewable energy source. Notably, the nation generates nearly 100 percent of its electricity from renewable sources, resulting in an excess of electricity that makes it ideal for Bitcoin mining.