Druk Holding and Investments (DHI) has been mining Bitcoin since Bitcoin was trading at a $5000 price.
Druk Holding and Investments (DHI) is a commercial arm of the Royal Government of Bhutan. This company was established in 2007 upon issuance of the Royal Charter 2007 “to hold and manage the existing and future investments of the Royal Government for the long-term benefit of the people of Bhutan”.
Recently a local news media outlet reported that Druk Holding and Investments (DHI) has been mining Bitcoin for a long time. The company shifted its focus toward the Bitcoin mining business when Bitcoin price was trading at nearly $5000/BTC.
Reportedly a DHI official spoke about the company’s Bitcoin mining activities and confirmed that the company is also a little interested in Ethereum cryptocurrency.
The DHI official confirmed that the company is not directly involved in Bitcoin trade but sells Bitcoin to pay for the cost of mining operations.
Crypto mining environment in Bhutan
The environment of Bhutan is highly friendly for crypto mining activities. The environmental temperature of this landlocked country remains between 15°C-30°C, which is an advantageous factor for the crypto mining equipment, as they produce huge heat.
According to information available on Wikipedia, the main source of energy in Bhutan is hydropower plants, which means a huge amount of renewable electricity is available for crypto-mining companies.
As per the report, Bhutan aims to achieve a minimum goal of 20 megawatts (MW) of renewable energy by 2025.
India’s Influence in Bhutan
Bhutan also has a border with India. In Bhutan, there are no laws to regulate cryptocurrencies but companies follow basic financial laws, just like crypto companies in India.
Bhutan’s official sovereign currency is Ngultrum (BTN) & language is Dzongkha but still people in this country are free to use Indian currency (INR) as a legal tender and also almost every person in this country can speak in native Indian language. So there is a huge probability that Bhutan will adopt those official crypto laws, which will be designed by India.