The work is led by its state-owned company, Druk Holding and Investments (DHI). Unlike most places, Bhutan uses its own hydropower to run the mining operations.
A small Himalayan kingdom, known for its Buddhist temples and scenic beauty, has also been quietly amassing one of the world’s largest Bitcoin fortunes.
Since 2019, Bhutan, a country of about 800,000 people, has been mining Bitcoin through Druk Holding and Investments (DHI), its state-owned company. Unlike most countries, Bhutan uses its own hydropower to run the Bitcoin operations. The electricity comes from the country’s rivers, making it cleaner and cheaper than fossil fuels.
Unlike many countries, Bhutan powers its mining operations with clean, renewable energy. With rivers running through its steep valleys, hydropower has long been one of Bhutan’s biggest strengths. That same energy now fuels its Bitcoin mining, giving the country a greener and more sustainable approach to an industry often blamed for its high energy use.
Back when Bhutan first started mining, Bitcoin was trading below $10,000. Today, it’s worth around $105K. That sharp rise in price has turned the country’s quiet investment into a major asset. Bhutan is now believed to be among the largest holders of Bitcoin in the world — a surprising fact for a country with just $3 billion (around 1.5% of Singapore’s GDP) under management through DHI.
For comparison, Singapore’s sovereign fund, Temasek, manages over $300 billion. But DHI’s CEO, Ujjwal Deep Dahal, isn’t worried about the difference in size. He says Bhutan’s small scale allows it to move faster and be more flexible. “Size does not matter,” Dahal said.
After pivoting from tourism to green energy and tech, Bhutan is now focused on building Gelephu Mindfulness City, a 2,500-square-kilometer economic zone in the southern part of the country. The city will be home to a new university and a branch of the capital's main Buddhist institute. It will also house a center for mindfulness practices, reflecting the importance of mental well-being in Bhutanese culture.
The goal is to attract green businesses, healthcare firms, and tech startups, creating new jobs and reducing the country’s reliance on tourism. It will also offer Bhutanese youth more opportunities at home and hopefully slow the wave of young people leaving for jobs abroad.
But it’s a long-term project that will take time and investment to fully realize. As the country continues on its unique path of sustainable development and technological innovation, the world will be watching to see what new possibilities arise from the small Himalayan kingdom.
