Bhutan has been quietly mining Bitcoin for many years now

[pakhitheboss]

Photo by Ming Zimik[/ur]

While the Government of India is trying its level best to destroy Bitcoin & Cryptocurrency trading as well as the Bitcoin mining Industry. The Kingdom of Bhutan has been busy mining Bitcoin. After the kingdom of Bhutan, Nepal is the only country where INR is considered a legal tender. I am sure RBI was not aware that the INR flow from Bhutan can be money they generated from mining Bitcoin.

Anyways the important thing is that Bhutan still does not have any regulation on Bitcoin tax. If they plan one then I am sure that would be in support of the Bitcoin trading and mining industry. By the way, the mining is being done using hydroelectricity.  

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[elevates]

  A kingdom that is dependent on India for everything has been silently mining Bitcoin. Amazingly they are using green energy I am eagerly wanting to know who convinced the King of Bhutan for mining Bitcoin. We all know how mainstream media globally has branded Bitcoin mining as a hazard for the environment. I assume the King only got convinced when he was told about mining using hydroelectricity as the kingdom has strict policy on environment.

I read in Cointelegraph that they have been mining Bitcoin when the USD value was only 5k. That means one of our neighbour is far better than us and other neighbours. While Evey other neighbouring country is struggling economically, the Kingdom of Bhutan is busy in creating a reserve of the future currency.

[Bureau]

It seems there are only three users who are active on the local board. Why is that? There were like 5 to 6 active members a few days back. Looks like a mystery to me for now.

Bhutan is a kingdom, that means the King takes all the decisions. I know for a fact that he needs Indian government approval for everything. I do not think he took the approval of starting a Bitcoin mining station.

That is why he has been hiding everything if he allowed to mine Bitcoin when the price was just $5000. Something is not right here, as they need India for everything.

Is the Indian government just like China playing games?

[cabron]

It seems there are only three users who are active on the local board. Why is that? There were like 5 to 6 active members a few days back. Looks like a mystery to me for now.

Bhutan is a kingdom, that means the King takes all the decisions. I know for a fact that he needs Indian government approval for everything. I do not think he took the approval of starting a Bitcoin mining station.

That is why he has been hiding everything if he allowed to mine Bitcoin when the price was just $5000. Something is not right here, as they need India for everything.

Is the Indian government just like China playing games?

Just like US, these governments are all playing while all of them doesnt want to lose control over their citizen using BTC.

Bhutan however is  small country which like El salvador, they can easily adopt BTC for everyone to benefit.  Seem a win-win when they mine BTC using free energy. Its better than sending their BTC to defi project.

[teosanru]

Photo by Ming Zimik[/ur]

While the Government of India is trying its level best to destroy Bitcoin & Cryptocurrency trading as well as the Bitcoin mining Industry. The Kingdom of Bhutan has been busy mining Bitcoin. After the kingdom of Bhutan, Nepal is the only country where INR is considered a legal tender. I am sure RBI was not aware that the INR flow from Bhutan can be money they generated from mining Bitcoin.

Anyways the important thing is that Bhutan still does not have any regulation on Bitcoin tax. If they plan one then I am sure that would be in support of the Bitcoin trading and mining industry. By the way, the mining is being done using hydroelectricity.  

Source

Well honestly this looks like a lucrative destination for Indians then, especially the ones from crypto industry. One can set up their minings rigs in Bhutan because flow of money and tourist is pretty easy. You don't even need a Visa to visit Bhutan from India. I am not sure about how much cash you can bring in or take to Bhutan, but I am sure won't be more than 2-3 Lakhs for sure. Anyways still a lucrative place for Crypto people living in India.

[pawanjain]

A kingdom that is dependent on India for everything has been silently mining Bitcoin. Amazingly they are using green energy I am eagerly wanting to know who convinced the King of Bhutan for mining Bitcoin.

Satoshi Nakamaoto.

May be the King read the bitcoin whitepaper and was really convinced with the tech. LOL.
I guess they decided to mine bitcoin to bring up their economy.

We all know how mainstream media globally has branded Bitcoin mining as a hazard for the environment. I assume the King only got convinced when he was told about mining using hydroelectricity as the kingdom has strict policy on environment.

Recently there was an articled published on the internet which mentioned that the World Economic Forum recognizes the benefits of bitcoin mining.
More info here: https://www.weforum.org/videos/this-start-up-catches-waste-methane-to-power-data-centres

Another thing is, may be Bhutan has been using renewable energy to mine bitcoin or something. We never know unless a detailed report is published.

[avikz]

A kingdom that is dependent on India for everything has been silently mining Bitcoin. Amazingly they are using green energy I am eagerly wanting to know who convinced the King of Bhutan for mining Bitcoin. We all know how mainstream media globally has branded Bitcoin mining as a hazard for the environment. I assume the King only got convinced when he was told about mining using hydroelectricity as the kingdom has strict policy on environment.

Don't be so sure! Bhutan is now under the influence of China. Also, it is a democracy now (even though on paper). It seems shocking to me as well because Bhutan is usually a very peace-loving country who don't want to get into many difficult things. So for them getting into crypto mining is shocking to the rest of the world.

Also, it seems that their parliament has approved a whopping amount of money to explore more options about crypto mining and set up the firm. I mean, it's good for them. because Bhutan has been so very much dependent on India for many things. Now if they are able to find their own way of making money, they will get the direct benefits. My only fear that they should not suddenly become an enemy of India by China's influence. 

[elevates]

Don't be so sure! Bhutan is now under the influence of China. Also, it is a democracy now (even though on paper). It seems shocking to me as well because Bhutan is usually a very peace-loving country who don't want to get into many difficult things. So for them getting into crypto mining is shocking to the rest of the world.

The bilateral relations between the Himalayan Kingdom of Bhutan and the Republic of India have been traditionally close and both countries share a "special relationship", making Bhutan a protected state, but not a protectorate, of India. India remains influential over Bhutan's foreign policy, defence and commerce.

Wikipedia

Globally it is known that Bhutan is a proxy of India. A big Indian army based is located on the border that separates Bhutan from China. The amount of infrastructure work that India is currently doing in Bhutan has been in the news.

Till a decade back Bhutan did not welcome tourists from anywhere in the world. They first opened up to Indian tourists and then it took another decade for them to open their doors for global tourists. Till 2000 there was no border between Bhutan and India. Everything was done after the new King took power. It would take a matter of minutes for India to takeover the country just like India did in Sikkim.

Also, it seems that their parliament has approved a whopping amount of money to explore more options about crypto mining and set up the firm. I mean, it's good for them. because Bhutan has been so very much dependent on India for many things. Now if they are able to find their own way of making money, they will get the direct benefits. My only fear that they should not suddenly become an enemy of India by China's influence.  

You might be referring to this news - Bhutan Plans a $500 Million Fund for Crypto Mining in the Himalayas

BTW, as an Indian, you cannot work in Bhutan they do not have a work visa only a tourist visa. If you want to stay in Bhutan after your tourist visa expires then you need to pay a certain amount of money per day to the monarch.

[pakhitheboss]

Satoshi Nakamaoto.

May be the King read the bitcoin whitepaper and was really convinced with the tech. LOL.
I guess they decided to mine bitcoin to bring up their economy.

I doubt the King read the Bitcoin whitepaper . There is someone or some institution that is helping them with the tech from 2019. We are talking about a country, not a company in that country that is mining Bitcoin. As per my knowledge, Bhutan is the only country that is mining Bitcoin. The best part comes here Bhutan generates green electricity and out of the total generated 30 percent cannot be consumed by the population. That 30 percent is being used to mine Bitcoin.

[pawanjain]

Satoshi Nakamaoto.

May be the King read the bitcoin whitepaper and was really convinced with the tech. LOL.
I guess they decided to mine bitcoin to bring up their economy.

I doubt the King read the Bitcoin whitepaper . There is someone or some institution that is helping them with the tech from 2019. We are talking about a country, not a company in that country that is mining Bitcoin. As per my knowledge, Bhutan is the only country that is mining Bitcoin. The best part comes here Bhutan generates green electricity and out of the total generated 30 percent cannot be consumed by the population. That 30 percent is being used to mine Bitcoin.

Wow. If that's true then Bhutan must be generating some nice amount of profits from their bitcoin mining operation.
Things are changing for good. It's time that India should start learning from Bhutan but it's still busy counting notes through corruption.

[elevates]

Wow. If that's true then Bhutan must be generating some nice amount of profits from their bitcoin mining operation.
Things are changing for good. It's time that India should start learning from Bhutan but it's still busy counting notes through corruption.

Ultimately India would realize the potential of cryptocurrency but it will be too late. At the moment the government is busy counting the amount that they have received from crypto tax. The top 5 big economies are all against cryptocurrency the latest being the US. Small and struggling economies are welcoming it. The trend has been increasing lately and somewhere I feel they all want to gain financial freedom from US dollar.