A Forbes investigation has unveiled the Kingdom of Bhutan’s clandestine development of a series of Bitcoin mining facilities. Through satellite imagery from Planet Labs, Satellite Vu, and Google Earth, coupled with insights into Bhutan’s crypto investments, the publication identified four undisclosed crypto-mining sites.
The satellite images expose long, rectangular mining units and discreet data center cooling systems nestled within the dense forests and mountainous landscapes of the Himalayan country. Additionally, high-capacity power lines and transformers, connecting to Bhutan’s hydroelectric plants, were observed at these mining locations, as reported by Forbes.
The sites were strategically situated: one near Dochula Pass, a sacred area adorned with 108 memorial shrines, and others identified in Trongsa, a mountainous central town, Dagana in the south, and the site of “Education City,” a failed $1 billion government initiative aimed at revitalizing the economy.
Forbes suggests that construction work at these sites likely commenced in 2020, deduced from tracking earth-moving activities and building progress. Bitcoin mining, an energy-intensive process consuming approximately 91 terawatt-hours annually, surpassing the electricity usage of many countries, has notably impacted Bhutan. The country’s crypto-mining activities have led to a significant surge in energy imports and usage, with a reported $20.7 million spent on electricity in 2023. This contrasts with Bhutan’s historical practice of selling surplus hydropower to India.
King Jigme Khesar Namgyel Wangchuck, Bhutan’s monarch, has harbored a longstanding fascination with cryptocurrency. He envisions it as a crucial factor in averting an economic crisis for the remote mountain nation, home to less than 800,000 people. Bhutan, often referred to as “The Last Shangri-la,” faced challenges such as declining tourism during the COVID-19 pandemic, escalating youth unemployment, and a brain drain fueled by increased emigration.
In this pursuit, Bhutan stands out, as El Salvador remains the sole country globally known for operating state-owned crypto mines.