When Bitcoin Was $5,000, This Tiny Asian Country Got Into Mining: Now It's Paying Off

Bhutan's investment arm, Druk Holding and Investments, or DHI, reportedly mined Bitcoin BTC/USD for "a few years" in an effort to diversify the country's portfolio.

What happened: DHI CEO Ujjwal Deep Dahal says Bitcoin mining is part of a long-term investment strategy for the landlocked nation , according to The Bhutanese.

The report states that DHI started mining BTC when its price was around $5,000.

Bhutan is holding onto some of its digital assets, anticipating an increase in value after the Bitcoin halving in 2024.

The country seeks to generate positive and sustainable returns in various asset classes, including cryptocurrencies. To offset the cost and environmental damage, Bhutan is mining BTC using its vast hydropower network and the slightly cheaper mining rig production costs offered by Bhutan's mountainous region and hydropower projects.

See More: Best Indian Apps That Offer Bitcoin Rewards, NFT

Why it matters: As part of its efforts to diversify its economy, Bhutan is venturing into areas such as tourism and agriculture to address self-sufficiency issues .

According to the publication, Dahal also said that Bhutan has repaid all outstanding loans borrowed from crypto lenders Celsius and BlockFi, which the country took to make certain investments. The loans were made in cryptocurrencies such as Bitcoin, Ethereum ETH/USD and USD Coin USDC/USD.

Price Action: At the time of writing, BTC was trading at $27,989, down 2.11% in the last 24 hours, according to Benzinga Pro.

Read more: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: According to Apex Crypto analyst gets no boost despite bullish mood on Wall Street

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