Bhutan is exploring the potential of green cryptocurrency mining, leveraging its hydropower resources to stimulate the economy and create jobs. This initiative aims to curb the increasing departure of young workers to other countries. The announcement was made by Ujjwal Deep Dahal, CEO of Druk Holding and Investments Ltd.
Green cryptocurrencies are mined using renewable energy sources like hydropower, wind, or solar power, reducing the carbon footprint compared to traditional crypto mining. Bhutan has already earned millions from investments in global cryptocurrencies. Officials in Thimphu have stated that some profits from these investments were allocated to cover civil servant salaries for two years.
Dahal noted that Bhutan's hydropower-based mining offsets coins mined using fossil fuels, contributing to a greener economy. The fund, which oversees Bhutan's sole power generation utility, began investing in crypto in 2019, viewing digital assets as both a strategic investment and a potential turning point for the country. Bhutan is now considering whether its “green” crypto could attract large companies seeking to meet Environmental, Social, and Governance (ESG) benchmarks.