Bhutan’s $750M Revenue From Bitcoin Mining Sets Model For Developing Nations
Bhutan officially the Kingdom of Bhutan, is a landlocked country in South Asia situated in the Eastern Himalayas between China in the north and India in the south.
The East Himalayan Kingdom of Bhutan is showcasing a powerful example of how developing nations could leverage Bitcoin mining to improve their economies and achieve economic growth.
Nations worldwide are grappling with overwhelming debt levels, facing economic strain as borrowing costs rise and fiscal challenges grow. The mounting debt crisis is sparking debates over the long-term sustainability of current economic models, especially in poorer countries relying on external loans.
El Salvador: First-Mover In Bitcoin Mining
El Salvador made history as the first country to make Bitcoin legal tender in 2021. Salvadoran President Nayib Bukele is an open Bitcoiner and is busy developing the country’s futuristic project, Bitcoin City.
El Salvador currently holds around 5,750 BTC, which it purchased using treasury funds. The country also mines Bitcoin using its natural geothermal energy from volcanic activity, but this comprises only a tiny part of its total BTC stash.
* Paraguay: A Renewable Energy Giant Limited By Politicians
Paraguay has taken steps toward regulating Bitcoin mining in 2024, mainly due to its abundant hydroelectric energy resources. The country’s low electricity costs and favorable climate have made it an attractive destination for Bitcoin miners.
* Venezuela: Energy Giant With Stunted Bitcoin Adoption
Anibal Garrido, CEO of Bitcoin assets self-custody firm BTC Techno, told Cointelegraph that if Venezuela used its natural wealth correctly, it could bring “our nation into a cycle of financial profitability and operational sustainability” in the Bitcoin mining sector.
“Venezuela shouldn’t only try to emulate Bhutan’s model, but to surpass it.”
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