In an interview with Al Jazeera, Cering Tobgai curled that the Kingdom of Butane uses its hydroelectric power plants for the production of the first cryptocurrency, which has already allowed the country to significantly improve the economic situation, including the doubling of civil servants salaries.
Bitcoin mining is not only a way of earning, but also the opportunity to effectively use excess resources, said the Prime Minister. For example, in Butan, where in the summer hydroelectric power station more energy is produced than necessary, mining became a solution for monetization of the excess.
“Small countries, like ours, should be smart. Technologies are our key to progress, ”the official of King Butan Jigma Kherara Namgeliyal Wangchuk (Jigme Namgyel Wangchuck) quoted the official.
The Prime Minister connected Butan’s success in mining with solving social problems. In the conditions of brain leaks, when in 2022 more than 10% of the educated population left Butane, the sale of bitcoins allowed the kingdom to keep youth and qualified specialists in the country. Tobgai is sure that other countries may follow this example to cope with economic challenges and develop digital infrastructure.
The Kingdom of Butan has been actively engaged in the production of bitcoins since 2019, while the government has been financing at least four of the well -known mining sites in the country. Mining operations are controlled by the State Foresting Company Druk Holding & Investments (DHI). Volume operations For the extraction of bitcoins in Butan, it is about 8.6 BTC per day, which, however, is significantly lower than 2023, when local farms mined approximately 26 BTC per day.
Earlier, the ARKHAM analytical company reported that the Butane owns 12,467 bitcoins in the amount of $ 899.5 million, which makes the country the fourth largest state-holder of bitcoins after the United States, Great Britain and China.
Source: Bits
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