As Bhutan faces mounting economic pressures and rising youth migration, Prime Minister Tshering Tobgay is making a bold case for state-backed Bitcoin mining — not just for Bhutan, but for governments around the world.
In a recent interview with Al Jazeera, the prime minister framed Bitcoin mining as a strategic economic opportunity, stating that it’s “a simple strategic choice that many people have made and earned billions of dollars.” He went further to urge other governments to consider crypto mining as part of their national strategies.
Bitcoin as a Strategic Economic Lever
The Himalayan kingdom, known for its monasteries and Gross National Happiness philosophy, is now turning to Bitcoin as part of its plan to counteract unemployment and economic stagnation. The country has been facing a sharp rise in youth emigration, with reports showing that over 10% of Bhutan’s educated population emigrated in 2022.
To curb this brain drain and support its workforce, Bhutan reportedly sold $100 million worth of cryptocurrency in 2024 to raise civil servant salaries — a move that signals the country’s deepening integration with digital assets.
Though Bhutan has never officially disclosed the exact size of its crypto holdings, blockchain analytics firms estimate the value to be over $600 million, which would account for roughly 30% of the nation’s GDP.
A Natural Fit for Bitcoin Mining
While Bitcoin mining has been criticized globally for its massive energy consumption, Bhutan is uniquely positioned to operate sustainably. The country enjoys abundant hydropower resources and a naturally cool climate — two key advantages that make eco-friendly Bitcoin mining not only viable but potentially profitable.
Ujwal Deep Dahal, CEO of Druk Holdings & Investments, Bhutan’s sovereign holding company, emphasized the country’s green advantage.
“It’s important for Bhutan to capitalize on the green energy we have in terms of mining Bitcoin as a part of our investment portfolio,” Dahal stated.
A Growing Trend in Sovereign Crypto Adoption
Bhutan is not alone in exploring Bitcoin at the national level. Several other countries have started to experiment with holding cryptocurrencies as strategic reserves or launching their own mining operations. However, Bhutan is among the few actively mining and investing in Bitcoin at scale — and now, advocating for global adoption.
Final Thoughts
Prime Minister Tobgay’s comments mark a significant moment in sovereign crypto strategy. As Bhutan positions itself as a global example of responsible and green Bitcoin mining, the message is clear: in the face of economic challenges, digital assets might just offer small nations a new financial frontier.
Whether others follow Bhutan’s lead remains to be seen but in the mountains of the Himalayas, the digital age is clearly underway.
