Investing.com – Bhutan, the tiny Himalayan country wedged between Asian giants India and China, may indeed be a major player in the cryptocurrency and bitcoin mining market, according to multiple recent reports.
Bhutan confirmed to Forbes on April 30 that it has been using its large hydropower resources to mine bitcoin for years, at a time when modern crypto-adopters like El Salvador face massive scrutiny.
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Bitcoin mining partnership
A new report from Bloomberg that Bhutan’s investment arm, Druk Holding & Investments, has partnered with Nasdaq-listed Bitdeer Technologies Group to create a $500 million fund to further develop mining in the country has many wondering how many bitcoins they have mined. How much has the mining process achieved so far?
“It is important for us to look at low volume, high value or digital assets as we try to position ourselves in a way that we can be globally competitive over time to build up our economy,” said Ujwal Deep Dahal, CEO of Druk.
Bitdeer is based in Singapore and is one of the largest cryptocurrency miners in terms of computing power. The company started trading on NASDAQ just last month. The company plans to build a 100-megawatt bitcoin mining facility in Bhutan, with construction scheduled to begin in the second quarter of 2023 and finished by September, according to a regulatory filing.
Druk and Bitdeer plan to start communicating with institutional investors at the end of this month, and both companies will invest in the fund as well.
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Bhutan.. a huge whale
Dahal said Druk began mining cryptocurrency on behalf of Bhutan when bitcoin was trading around $5,000, ahead of an all-time high of $68,789.63 in 2021.
It is unclear how aggressive Bhutan’s mining has been over the past six years, and it is impossible to know how much Bitcoin has been sold and at what levels.
The country has imported more than $193 million in computer chips in the past few years, including nearly $142 million in 2022 alone, accounting for 10% of Bhutan’s inbound trade and 15% of the government’s annual budget of $930 million. In order to serve the mining operations.
If these mining rigs were to tap even a fraction of Bhutan’s massive power-generating capacity, it might have started to become a major player in the crypto market, with holdings and profits that would be the envy of all bitcoin whales.
market today
The combined market value of the crypto market during these moments of today’s trading is about $1.19 trillion. The trading volume amounted to about 34.23 billion dollars.
It rose by 0.15% during the last 24 hours, to now reach levels of $29,080, while recording weekly losses of 1%. Its market value is now $563 billion.
And “”, which is the largest digital currency by market value after Bitcoin, fell by 0.1% during the last 24 hours, to reach $ 1897, with weekly losses of 0.8%, and a market value of about 228 billion.
While the price of Binance Coin decreased by 0.3%, to record $324.6. And the price of a currency decreased by 0.2% from its value, to record 0.4608 dollars.
It fell to 0.3890, down 0.9%, with a weekly decline of 4.6%.
While it has now decreased by 0.9% to reach levels of $0.07861, with a weekly decline of 2%.