The Kingdom of Bhutan has decided to allocate $ 500 million for Bitcoin mining

The Bhutanese authorities have established a company Druk Holding & Investments for bitcoin mining. Together with her, the Bitdeer company participates in financing. She is a mining service provider. About $500 million will be allocated for the organization.

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Bhutan is a closed kingdom located in South Asia. At the end of spring, with the help of his company, he will begin to attract investments. This is done both to create jobs and to get additional profit to the budget.

Investments will be directed to the creation of the necessary infrastructure. Note that the kingdom is going to accelerate digital transformation. The government also wants to diversify the economy by exploring new industries and spheres.

For this purpose, initiatives have been created to study such industries as:

· renewable energy sources;

· innovative technologies: AI, blockchain, machine learning;

· carbon lending;

· metaverses.

The provider is going to build a data center. Its capacity will be 100 MW. Construction will begin in the second quarter and will be completed 3 months later. According to Forbes, the kingdom started mining bitcoin when its value was around 5 thousand dollars. The profit is used to subsidize energy costs and equipment.

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