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The Himalayan nation of Bhutan plans to broaden its Bitcoin mining operations fivefold forward of an impending halving occasion in April.
BREAKING: 🇧🇹Kingdom of Bhutan to extend mining capability 6x #bitcoin Halved to 600 MW.
The Nation State is setting in FOMO 🙌 pic.twitter.com/kLsU3fGk0U– Bitcoin Journal (@BitcoinMagazine) 5 April 2024
Bhutan's sovereign wealth fund Druk Holding & Investments is partnering with Bitcoin mining agency Bitdir to broaden capability from 100 to 600 megawatts, in keeping with Bloomberg. The nation has taken institutional curiosity in Bitcoin, with its sovereign fund buying BTC since costs hovered round $5,000.
Bhutan introduced final 12 months that it was elevating $500 million to spice up mining operations. By framing mining as each a industrial alternative and a disaster mitigation software, Bhutan has extra totally adopted Bitcoin than most international locations. Its renewable hydropower reserves make it a perfect location for eco-friendly mining.
The brand new funding in cutting-edge mining {hardware} comes because the Bitcoin community faces a mid-April halving. The quadrilateral occasion halved block rewards for miners, impacting revenues.
Bhutan cited offsetting the affect of transfusion as a motivation for increasing its mining operations. Bitdeer has the bottom per Bitcoin mining price within the trade at $20,000 per coin, effectively under the worldwide common of $45,000.
The distant Himalayan nation has additionally seen Bitcoin mining as a strategy to increase the agricultural economic system and jobs.