Green cryptocurrencies are digital currencies mined using clean energy resources such as wind, hydro or solar power instead of fossil fuel.
“We are a nation that runs 100% on hydropower, and every digital coin we mine in Bhutan using hydropower offsets that coin which gets mined using fossil fuels,“ said Ujjwal Deep Dahal, the CEO of the fund, Druk Holding and Investments Ltd.
Dahal said the fund, which controls Bhutan's only power generation utility, began adding cryptocurrencies to its portfolio in 2019, seeing virtual currencies as a tactical investment and a gamechanger for the country.
It uses hydropower to operate energy-guzzling supercomputers to create digital assets that can be added to the blockchain.
“Bitcoin has not just given more value to hydropower energy, it has also increased access to liquidity in foreign currency,“ said Dahal, who added that training Bhutan's young people in blockchain and AI techniques would fuel jobs.
Analysts said Bhutan's ambitious plan to become the capital of green digital currency depends on expanding its hydropower generation to a potential of 33 gigawatts versus existing capacity of about 3.5 gigawatts.
“We have plans to generate 15 gigawatts in the next 10 to 15 years,“ Dahal added.
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