Bhutan’s strategic reserve is strengthened

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Bhutan continues to leverage recent technologies, particularly Bitcoin and blockchain, to boost its economy. According to multiple reports, Gelephu Mindfulness City (GMC) is ready to integrate digital assets such as Bitcoin, BNB and Ethereum into its strategic reserve.

Mindfulness City near Gelephu is a newly established special administrative region that will serve as the country’s economic center and tourist attraction. King Jigme Khesar Namgyel Wangchuck of Bhutan said that it is a up-to-date city anchored in innovation, so the announcement of a strategic reserve of Bitcoin and cryptocurrencies is not a surprise to many.

Bhutan continues its Bitcoin strategy

Bhutan is one of the first countries to recognize the potential of Bitcoin and blockchain technology. This compact Asian kingdom in the Himalayas began mining Bitcoin in April 2019, when the world’s largest digital asset reached 7,000. dollars. Druk Holdings and Investments (DHI) and Green Digital Constrained (GDL) are the country’s investment arms.

Source: Arkham Intelligence

Thanks to its early start in Bitcoin mining and adoption, Bhutan now has significant Bitcoin resources. According to Bitwise Europe, Bhutan currently has the upper hand 11,000 Bitcoinsand this number will continue to grow with Mindfulness City recent announcement add more BTC and cryptocurrencies to your strategic reserve.

The same Bitwise Europe chart also shows that the United States remains the largest sovereign holder of Bitcoin, with approximately 198,000 Bitcoins, with China ranking second on the list.

Bhutan’s Bitcoin Mining Initiative

Currently, Bhutan is gradually developing its cryptocurrency mining facilities in cooperation with Bitdeer Technologies. Initially, the kingdom launched a 100 MW facility, which is currently operational. The government intends to launch a second power plant with a larger capacity of 500 MW in mid-year.

Interestingly, Bhutan has developed a plan to lend a hand offset the notoriously high energy consumption associated with cryptocurrency mining. Unlike other mining companies, the Kingdom used its hydropower resources to operate its facilities.

The value of BTCUSD is currently $94,017. Chart: TradingView

Bhutan’s 100 MW Gedu mining center uses hydropower and is environmentally affable. The Gedu facility boasts over 30,000 cryptocurrency mining machines and can produce three to five BTC per day.

Bitcoin Politics is becoming more and more popular

Bitcoin and cryptocurrencies are now widely integrated into many government policies, especially as part of the strategic asset reserve. The United States remains an industry leader, at least when it comes to efforts to integrate Bitcoin and cryptocurrencies into its national program. Last year, Senator Cynthia Lummis introduced a bill to allow the government to create a strategic reserve.

China is another country that is slowly introducing Bitcoin and blockchain into its financial system. El Salvador, on the other hand, has doubled down on efforts to add more Bitcoin to its national treasury. Still, Bhutan remains a unique case of an independent Bitcoin facility that prioritizes environmentally affable technologies.

Featured image from Pexels, chart from TradingView

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