Bhutan's bitcoin mining bet pays off

Bhutan has been quietly mining bitcoins with hydropower since 2017, when bitcoins were trading at US$5,000 apiece. With bitcoins now trading above $30,000, Bhutan’s bet has paid off handsomely. But Bhutan has no plans to expand “crypto adoption” beyond bitcoin mining. Instead, it is focused on positioning itself as a leading technology hub in the Himalayan region.Last month, Bhutan launched a National Digital Identity (NDI) system for its citizens. The system is similar to Singapore’s Singpass but based on a self-sovereign identity (SSI) framework and built on a blockchain. It is also partnering with Singapore’s Garuda Robotics to monitor high transmission lines in its hills using drones.I spoke with the CEO of Druk Holding & Investments, Ujjwal Deep Dahal, about the sovereign wealth fund’s plans to disrupt the Bhutanese economy by building local expertise in drone testing, blockchain, and artificial intelligence and machine learning (AI/ML).In this episode, we talk about:DHI’s Bitcoin strategyFocus areas for DHI as it pivots the country towards a digital economyChallenges that lie aheadRead the highlights of the interview here, and a longer background feature here.Read more on Medium or follow me on Twitter and LinkedIn.