By Rupam Jain
NEW DELHI (Reuters) – Bhutan’s Himalayan countries are looking for ways to use hydroelectric power to grow and utilize the environment.
Green cryptocurrencies are digital currencies mined using clean energy resources such as wind, hydro and solar power instead of fossil fuels.
Snagged between Asian giants India and China, Bhutan has made millions of dollars in recent years by investing in some of the world’s most popular cryptocurrencies, and to pay a portion of its profits for two years, two senior Thimphu officials said.
“We are a country that runs 100% with hydroelectric power, and all the digital coins mined in Bhutan using the offset of hydroelectric power, mined using fossil fuels,” says Druk Holding and Investments Ltd.
“So the coins mined in Bhutan will contribute to the green economy,” he told Reuters on Tuesday.
Dahar said the fund that manages Bhutan’s only power generation utility began adding cryptocurrencies to its portfolio in 2019, viewing cryptocurrencies as tactical investments and a game-changer of the country.
Bhutan is famous for its Total National Happiness (GNH) index, an economic gauge that incorporates factors that are ignored by normal measures of GDP, such as recreation, emotional well-being, and sustainability.
Use hydroelectric power to operate energy gazling supercomputers to create digital assets that can be added to the blockchain.
Authorities are investigating whether large conglomerates can purchase Bhutan’s “green” coins to meet targets regarding environmental, social and governance (ESG) norms.
“Bitcoin has not only given more value to hydroelectric energy, but it has also increased access to foreign currency liquidity,” Dahar said.
A country of about 800,000 people are fighting the departure of young educated people. The government estimates that between 2022 and 2023, more than a tenth of young people wanted green pastures, bringing unemployment among those age groups to 16.5% in 2024.
Analysts say Bhutan’s ambitious plan to become the capital of green digital currency relies on expanding hydroelectric generation to 33 gigawatts potential and approximately 3.5 gigawatts of existing capacity.
“We have plans to generate 15 gigawatts over the next 10-15 years,” Dahar added.
(Reporting by Rupam Jain, Editing by Clarence Fernandez)