Bhutan's bitcoin mining bet pays off
Description
Bhutan has been quietly mining bitcoins with hydropower since 2017, when bitcoins were trading at US$5,000 apiece. With bitcoins now trading above $30,000, Bhutan’s bet has paid off handsomely.
But Bhutan has no plans to expand “crypto adoption” beyond bitcoin mining. Instead, it is focused on positioning itself as a leading technology hub in the Himalayan region.
Last month, Bhutan launched a National Digital Identity (NDI) system for its citizens. The system is similar to Singapore’s Singpass but based on a self-sovereign identity (SSI) framework and built on a blockchain. It is also partnering with Singapore’s Garuda Robotics to monitor high transmission lines in its hills using drones.
I spoke with the CEO of Druk Holding & Investments, Ujjwal Deep Dahal, about the sovereign wealth fund’s plans to disrupt the Bhutanese economy by building local expertise in drone testing, blockchain, and artificial intelligence and machine learning (AI/ML).
In this episode, we talk about:
- DHI’s Bitcoin strategy
- Focus areas for DHI as it pivots the country towards a digital economy
- Challenges that lie ahead
Read the highlights of the interview here, and a longer background feature here.
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