Bhutan:
Bhutan, a small Himalayan country between India and China, is looking to mine “green” cryptocurrencies using its hydropower to grow its economy and create jobs. This could help keep young, educated people from leaving the country.
Green Cryptocurrencies: what is this?
Green cryptocurrencies are digital coins made using clean energy like hydropower, instead of fossil fuels. Bhutan has been investing in popular cryptocurrencies since 2019 and has used some profits to pay government salaries for two years.
Ujjwal Deep Dahal, head of Bhutan’s sovereign wealth fund, Druk Holding and Investments, says every coin mined with hydropower in Bhutan helps the environment by replacing coins mined with fossil fuels. The fund also manages the country’s hydropower utility.
Bhutan is known for its Gross National Happiness index, which measures things like well-being and sustainability, not just economic growth. The country uses hydropower to run powerful computers that create digital assets for the blockchain.
Officials hope big companies will buy Bhutan’s green coins to meet their environmental goals. Dahal says cryptocurrency mining has made hydropower more valuable and brought in foreign currency. Training young people in blockchain and AI could also create jobs.
Bhutan, with about 800,000 people, is struggling with many young people leaving for better opportunities. Between 2022 and 2023, over 10% of youth left, and unemployment among young people hit 16.5% in 2024.
To make this plan work, Bhutan needs to expand its hydropower capacity from 3.5 gigawatts to a potential 33 gigawatts. Dahal says the country aims to reach 15 gigawatts in the next 10 to 15 years.
Highlights:
- Bhutan plans to mine green cryptocurrencies using hydropower to boost economy and jobs.
- Green coins offset fossil fuel-mined cryptocurrencies, supporting environmental goals.
- Aims to expand hydropower from 3.5 to 15 gigawatts in 10-15 years to support mining.
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