Bhutan intends to switch to “green cryptocurrency” to boost its economy
Bhutan, the Himalayan nation, is exploring the possibility of mining cryptocurrency using its own hydropower resources. This initiative could stimulate the economy and slow down the brain drain. Bhutan defines “green cryptocurrency” as crypto mined using the country’s hydro resources, writes https://xrust.ru/. The country is wedged between India and China. In recent years, Bhutan has invested in various cryptocurrencies, generating millions of dollars for its budget. These funds have been used to pay government officials’ salaries. The country relies 100% on hydropower. While other countries need coal for mining, Bhutan has sufficient hydropower capacity to produce equivalent volumes of digital coins. Analysts have calculated that the fund controlling the nation’s sole electricity company began adding cryptocurrencies to its portfolio in 2019, viewing virtual currencies as both tactical investments and a transformative factor for the country. Local experts are using hydropower to operate energy-intensive supercomputers that create digital assets, which can then be added to the blockchain. Officials are studying whether large conglomerates could purchase Bhutan’s “green” coins to meet their environmental, social, and governance (ESG) commitments.
https://xrust.ru/news/311067-butan-nameren-perejti-na-zelenuju-kriptovaljutu-dlja-stimulirovanija-jekonomiki.html
