Bhutan's Clean Energy Bitcoin Mining: Exploring New Paths for Global Economic Innovation
In recent years, Bhutan has faced a worsening talent outflow issue. In response to this phenomenon, the Bhutanese government is actively opening its doors to global investors and emerging industries, attempting to find a balance between traditional values and modern economic opportunities.
Bhutan is renowned for its Gross National Happiness Index, but it is not limited to that; the country now plans to create job opportunities through clean energy and economic special zones. However, this ambitious plan faces multiple challenges during implementation.
In 2023, around 13,500 Bhutanese (accounting for 1.6% of the national population) chose to emigrate to Australia, reflecting the younger generation's pursuit of broader markets and opportunities. However, this population outflow has also led to a shortage of skilled workers domestically, posing challenges during a crucial period for the country's innovative development.
Additionally, Bhutan's geographical location exacerbates the difficulties of economic development. As a landlocked country nestled between India and China, it faces high transportation costs and lengthy infrastructure construction times.
Despite limited domestic resources, Bhutan is committed to transforming its natural resources into economic advantages. Bhutan is working to convert its abundant hydropower resources (2.5 gigawatts completed, 3 gigawatts under construction) into economic benefits, including utilizing them for Bitcoin mining since 2019 and incorporating it into the national wealth fund.
Moreover, Bhutan plans to build a 2,500 square kilometer economic special zone in the Grelpu Mindfulness City near the Indian border, aimed at developing healthcare, technology, and green energy. However, this project requires substantial infrastructure investment and will take years to complete.
Behind this series of bold attempts, Bhutan's GNH index has risen to 0.781, and per capita GDP has increased to $3,711, but the tourism industry has been severely impacted by the pandemic, with only 145,000 visitors in 2022, far below the 315,590 visitors in 2019. In this context, how to revive the tourism industry and stimulate economic growth has become an important issue for Bhutan.
In terms of governance, the Druk Holding and Investments (DHI) group emulates Temasek, aiming to promote national economic development with its streamlined management model and green energy transformation strategy.
Therefore, if the pilot projects succeed, they will open new prospects for Bhutan, attracting more young people to stay and injecting vitality into the nation.
