Bhutan has embraced Bitcoin and cryptocurrency mining as a strategic response to its economic challenges and brain drain. The small Himalayan kingdom, known for prioritizing happiness and sustainability, has capitalized on its extensive hydropower resources to mine Bitcoin. This bold economic gamble aims to elevate the nation's financial standing and has allowed civil servants to see their salaries doubled. Bhutanâs approach to cryptocurrency is unprecedented, positioning the country as a leader in financial innovation while simultaneously being the first nation to claim carbon negativity, underscoring its commitment to sustainability.
For years, Bhutan has measured its economic and social development using uncommon currencies: happiness and sustainability. But amid growing economic pains and a brain drain, the small, landlocked Himalayan kingdom is adopting a new emblem of progress, which is propelling Bhutan into a leading role, globally, in embracing financial innovation: Bitcoin.
Nestled between India and China, Bhutan also the first country in the world to become carbon negative has mined millions of dollars in the world's most popular cryptocurrency in recent years, making an economic bet that almost no other country has, to the same extent.
To mine Bitcoin, an energy-guzzling supercomputer needs to solve a complex puzzle. This adds a new digital coin into circulation. Bhutan's hydropower plants fuel supercomputers that solve complex problems to be rewarded with Bitcoin, which can be added to the blockchain.
It's just a simple strategic choice that many people have made and earned billions of dollars, and I think governments should do it.
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