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The kingdom of Bhutan intends to increase its Bitcoin mining operations by 500% before the upcoming halving in April.
Bloomberg reports that Bhutan's national wealth fund, Druk Holding & Investments, is collaborating with the Bitcoin mining company Bitdeer to increase its capacity from 100 to 600 megawatts.
Bhutan has shown a governmental level of interest in Bitcoin, with its national fund investing in BTC when prices were around $5,000.
Last year, Bhutan revealed plans to secure $500 million to expand its mining infrastructure. Bhutan’s abundant renewable hydropower makes it a prime location for environmentally sustainable mining practices.
The investment in advanced mining technology is timely, given the upcoming mid-April Bitcoin halving, which reduces miners' block rewards by half, affecting their revenue.
The expansion of mining operations in Bhutan is partly aimed at mitigating the financial effects of the halving.
Bitdeer, known for its cost-effectiveness, boasts one of the industry's lowest expenses for mining a single Bitcoin at $20,000, significantly less than the worldwide average that reaches up to $45,000.