Bhutan‘s investment arm Druk Holding and Investments, or DHI, has reportedly been mining Bitcoin BTC/USD for a “few years” in an effort to diversify the country’s portfolio.
What Happened: The CEO of DHI, Ujjwal Deep Dahal, said that mining Bitcoin was part of a long-term investment strategy for the landlocked nation, according to The Bhutanese.
The report said DHI started mining BTC when its price was roughly $5,000.
Bhutan is holding on to some of its digital assets, anticipating an increase in value following Bitcoin’s halving in 2024.
The country is looking to generate positive and sustainable returns across various asset classes, including cryptocurrencies. To offset the costs and environmental harm, Bhutan is mining BTC using its extensive hydroelectricity network, and the marginally cheaper mining rig production costs offered by Bhutan’s high mountainous region and hydro projects.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
Why It Matters: As part of its efforts to diversify its economy, Bhutan is venturing into areas such as tourism and agriculture to address self-sufficiency issues.
According to the publication, Dahal also said that Bhutan has paid back all outstanding loans borrowed from crypto lenders Celsius and BlockFi, which the country had taken to make certain investments. The loans were made in cryptocurrencies such as Bitcoin, Ethereum ETH/USD, and USD Coin USDC/USD.
Price Action: At the time of writing, BTC was trading at $27,989, down 2.11% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: Analyst Says Apex Crypto Isn’t Getting A Boost Despite Upbeat Mood On Wall Street
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