The tiny Asian country of Bhutan plans to further ramp up its bitcoin mining plans. According to Bloomberg, the investment arm of Bitdeer Technologies Group and Bhutan are planning to expand.
Druk Holding & Investments has partnered with Bitdeer to triple its mining farms in the country. Bitdeer is a Nasdaq listed company.
Bitdeer Chief Business Officer Matt Linghui Kong told Bloomberg that the improvements will double the Himalayan kingdom’s computing power. Bhutan is currently said to have a total of 600 megawatts of capacity. The scaling up should all take place in the first half of 2025.
It was unknown for a long time that Bhutan was involved in bitcoin mining; until information suddenly emerged during FTX’s bankruptcy proceedings. Since then, it has publicly announced its current position several times (through partner companies).
Satellite images also now clearly show that there are a number of bitcoin mining farms. Forbes did some research and has now identified four mining farms through sources and satellite images from Planet Labs, Satellite Vu and Google Earth.
With the upcoming halving, which is expected to take place on April 20, bitcoin miners will suddenly only earn 3,125 BTC per block. That’s half of the 6.25 BTC they get now; which will cause income to suddenly drop. The transaction costs are also very low, so the least efficient miners will have a hard time. The only solution? Scale down, or hope that the bitcoin price will rise.
Source: https://bitcoinmagazine.nl/nieuws/bhutan-is-van-plan-om-in-2025-forst-te-gaan-opschalen-met-bitcoin-mining
