The Kingdom of Bhutan is a landlocked nation tucked away in the Eastern Himalayas which has been quietly mining Bitcoin since 2017. By utilizing a vast hydroelectricity resource, Bhutan has established a state-run mining operation without disclosing it to the public. Recent reports have revealed that the country's mining project began around 3 years ago when Bitcoin's price rose above $5,000 USD. A representative from a Nasdaq-listed mining company, Bitdeer, is positioning to use 100 of the 550 megawatts of energy Bhutan produces, with a projected construction and completion of the mining data center no earlier than 2024.

The nation's government has remained tight-lipped about its plans, but evidence does suggest that it has invested in Bitcoin-related imports worth about 193 million dollars. There is a growing speculation that the lawmakers should now come forward with the details of their investment, as questions are posed about the project's economic and environmental impact.

Bhutan's energy resources could present an opportunity for the country if the value of Bitcoin continues to rise and the cryptocurrency sees global adoption. El Salvador is another country that could benefit from pursuing Bitcoin-related plans. President Nayib Bukele accepted the asset as legal tender and is currently building a high-tech town, "Bitcoin City," which will rely on geothermal energy harnessed from nearby volcanoes. The project recently won an award for its architecture and interior design.

No matter which route the countries of Bhutan and El Salvador end up taking, it is the law of the markets that will determine cryptocurrency's journey into the future and its success for various nations.



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