From the outside, Bhutan still looks like a small, remote monarchy with strict tourism rules and hydropower exports. Quietly, it has also become one of the few countries running a sovereign Bitcoin mining program at scale.
Instead of announcing grand strategies on stage, Bhutan routed surplus hydro into containers and data centres tucked away in the mountains. The result: cheap, low-carbon power backing hash that the rest of the world barely realised existed.
Hydropower as a native Bitcoin advantage
Bhutan’s economy already depends heavily on hydro exports to India. Bitcoin mining gives the government another buyer of last resort for electrons when demand is low or new capacity comes online faster than grid growth.
- Surplus power can be monetised immediately instead of waiting for grid build-out.
- Mining is interruptible, which fits hydro variability.
- BTC on balance sheet functions like a strategic reserve asset.
The lesson for other small, energy-rich states is simple: Bitcoin mining can sit alongside traditional exports, not replace them. Done right, it’s an invisible industrial customer that soaks up volatility and strengthens the case for new generation.