{"id":87556,"date":"2023-11-27T14:51:55","date_gmt":"2023-11-27T12:51:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87556"},"modified":"2025-09-13T12:35:57","modified_gmt":"2025-09-13T09:35:57","slug":"forbes-reveals-the-locations-of-bhutans-bitcoin-farms","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/forbes-reveals-the-locations-of-bhutans-bitcoin-farms\/","title":{"rendered":"Forbes reveals the locations of Bhutan\u2019s bitcoin farms"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Bhutan chose mining as a diversification of income sources.<\/li>\n<li>The growth of cryptocurrency mining has turned the country into a net importer of electricity.<\/li>\n<li>Bitdeer is actively investing in Bhutan&#8217;s mining industry.<\/li>\n<\/ul>\n<\/div>\n<p>The kingdom of Bhutan has become a crypto Shangri-La thanks to the authorities allocating land, financing and energy for Bitcoin mining. Journalists<a href=\"https:\/\/www.forbes.com\/sites\/iainmartin\/2023\/11\/22\/bhutan-secret-bitcoin-mine-locations\/\"> Forbes<\/a> shared the results of their investigation.<\/p>\n<p>The government of King Jigme Khesar Namgyel Wangchuck hopes that digital gold will help address the looming economic crisis.<\/p>\n<p>The project had been kept secret for four years. It only came to light after<a href=\"https:\/\/forklog.com\/en\/news\/kingdom-of-bhutan-allocated-part-of-its-reserves-to-buy-cryptocurrency\"> mentions<\/a> of the sovereign wealth fund Druk Holding &#038; Investments (DHI) with assets of $2.9 billion as a client of the bankrupt<a href=\"https:\/\/forklog.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\"> BlockFi<\/a> and<a href=\"https:\/\/forklog.com\/en\/news\/celsius-files-for-bankruptcy-protection\"> Celsius<\/a>.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Covert Mining<\/strong><\/h2>\n<p>One of the mining facilities was erected not far from the Dochula Pass \u2014 a region of cultural and political significance thanks to its 108 memorial shrines honouring fallen soldiers. Its construction was completed at the end of 2022.<\/p>\n<p>Airborne photographs show a cluster of structures amid kilometres of forest. Despite the proximity of a busy highway nearby, the data centre is entirely hidden from unsuspecting passers-by.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-841-1024x576.png\" alt=\"1-841\" class=\"wp-image-220975\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/1-841-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/1-841-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/1-841-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/1-841.png 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Forbes.<\/figcaption><\/figure>\n<\/div>\n<p>The second location is not far from the town of Trongsa.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-668-1024x576.png\" alt=\"2-668\" class=\"wp-image-220976\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/2-668-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/2-668-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/2-668-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/2-668.png 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Forbes.<\/figcaption><\/figure>\n<\/div>\n<p>The third is in the densely forested Dagana district near a high school that serves children from the rural community.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/3-392-1024x576.png\" alt=\"3-392\" class=\"wp-image-220977\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/3-392-1024x576.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/3-392-300x169.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/3-392-768x432.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/3-392.png 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Forbes.<\/figcaption><\/figure>\n<\/div>\n<p>Fourth and largest, the farm\u2019s location sits on a site allocated for the unbuilt megaproject Education City \u2014 a $1 billion attempt to create an international hub of \u201ceducation and knowledge\u201d in Bhutan.<\/p>\n<p>The site sits next to the country\u2019s first paved road, but is hidden behind rugged terrain. Only transformers and power lines reveal that a Bitcoin mine now operates on this site.<\/p>\n<p>Construction began around December 2021, coinciding with the import of ASIC equipment worth $193 million, according to customs data.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Education City\u2019s New Life<\/strong><\/h2>\n<p>Education City, with McKinsey\u2019s backing, was conceived as a regional hub in healthcare, education, finance and ICT services worth $1 billion. Authorities allocated $9 billion to the initiative.<\/p>\n<p>It was envisaged that branches of some of the world\u2019s most prestigious universities, as well as research centres, laboratories, hotels and venues would be located here.<\/p>\n<p>Education City was closed in 2014. But roads, bridges, water supply and power lines remained \u2014 building blocks for Bitcoin mining.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"1024\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/4-254-1024x1024.png\" alt=\"4-254\" class=\"wp-image-220978\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/4-254-1024x1024.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/4-254-300x300.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/4-254-150x150.png 150w, https:\/\/forklog.com\/wp-content\/uploads\/4-254-768x768.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/4-254.png 1440w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: Forbes.<\/figcaption><\/figure>\n<\/div>\n<p>In response to DHI, the existence of mining facilities for the first cryptocurrency was confirmed. However the company declined to comment on their location.<\/p>\n<p>It was expected that mining would diversify the kingdom\u2019s income sources, which are formed by tourism and the export of surplus hydropower. But the COVID-19 pandemic prompted a rethink and a need to alter course \u2014 in 2020 the authorities began actively developing mining of the first cryptocurrency.<\/p>\n<p>According to <a href=\"https:\/\/thebhutanese.bt\/dhi-confirms-that-it-is-mining-digital-assets\/\"> The Bhutanese<\/a>, DHI began mining Bitcoin when it cost $5,000. The company now says they have \u201ca net positive position on digital assets.\u201d<\/p>\n<p>In the face of political and economic crisis in the sovereign fund, it was announced that a portion of the mined coins would be sold.<\/p>\n<h2 class=\"wp-block-heading\"><strong>The Role of Bitdeer<\/strong><\/h2>\n<p>Journalists suggested that state farms might be less powerful than those owned by Bitdeer.<\/p>\n<p>In May the company <a href=\"https:\/\/forklog.com\/en\/news\/bhutan-and-bitdeer-founder-jihan-wu-to-earmark-500-million-for-bitcoin-mining\">signed<\/a> an agreement with the state-owned Druk Holding &#038; Investments of Bhutan to develop cryptocurrency mining operations in the country with a budget of $500 million. It is expected that the Gedu data centre\u2019s capacity will be 600 MW at a hash rate of around 20 EH\/s \u2014 higher than the rest of Bhutan consumes.<\/p>\n<p>In July media reported that the company <a href=\"https:\/\/forklog.com\/en\/news\/media-reports-bitdeer-launches-fund-to-back-bitcoin-mining-in-bhutan\">began raising funds<\/a> for the Green Bitcoin Fund to invest in Bhutan\u2019s mining industry.<\/p>\n<p>In the same month Bitdeer<a href=\"https:\/\/forklog.com\/en\/news\/bitdeer-builds-bitcoin-mining-center-in-bhutan-led-by-jihan-wu\"> completed construction<\/a> of a Bitcoin mining facility in the city of Gedu. According to satellite images, the facility\u2019s capacity may currently be 100 MW.<\/p>\n<p>Bitdeer<a href=\"https:\/\/forklog.com\/en\/news\/bitdeers-jihan-wu-takes-bitdeer-to-nasdaq-via-spac-deal\"> listing on Nasdaq<\/a> through a reverse merger with SPAC Blue Safari Group Acquisition Corp.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Kingdom of Bhutan has become a crypto Shangri-La thanks to government land, financing and energy for Bitcoin mining. Journalists from Forbes shared the results of their investigation.<\/p>\n","protected":false},"author":1,"featured_media":87557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,34,1323,1150],"class_list":["post-87556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-forbes","tag-investigations","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=87556"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87556\/revisions"}],"predecessor-version":[{"id":87558,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87556\/revisions\/87558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87557"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}