Bhutan is strategically leveraging its hydropower resources to mine green cryptocurrencies, aiming to boost its economy and create jobs to combat the increasing emigration of its young, educated population. The country is preparing to increase its hydropower production to 33 gigawatts. To start, it wants to deliver 15 gigawatts during the next 10 to 15 years. This project is intended to position Bhutan as a global center for green digital currency. For one, it’ll harness the country’s vast renewable energy potential.
Bhutan, renowned for its Gross National Happiness (GNH) index, which values factors like emotional well-being and sustainability, is currently grappling with significant youth unemployment. The latest available data indicates that youth unemployment exploded to 16.5% in 2024. This tidal wave of youth has pushed millions of young people in search of opportunities overseas. Between 2022 and 2023, more than one out of every 10 young people in Bhutan moved away for better opportunities.
Here’s how Bhutan is going about researching their own operations of mining and using green cryptocurrencies. They are leveraging their substantial hydropower capacity, more than 3.5 gigawatts, to help them. In other words, by mining hydropower, Bhutan hopes to mine the digital coins in an environmentally friendly way.
"We have plans to generate 15 gigawatts in the next 10 to 15 years." - Ujjwal Deep Dahal
Bhutan's sovereign wealth fund, Druk Holding and Investments Ltd, began investing in cryptocurrencies in 2019, viewing virtual currencies as both a tactical investment and a potential game-changer for the nation's economy. These investments have already returned over three times their cost, with their profits enough to pay all federal government salaries for the last two years.
This new initiative is a testament to Bhutan’s commitment to promoting sustainability. The country aims to replenish the ecological harm done by fossil fuel powered crypto mining elsewhere.
"We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels," - Ujjwal Deep Dahal
Bhutan is preparing its youth to be trained in blockchain and AI technologies. This initiative will help ensure they have the skilled talent needed to drive innovation and growth in these fast-growing industries. Ohio leaders hope that the initiative will spur the creation of new jobs and help address Ohio’s brain drain.
