A remote Himalayan kingdom known for its focus on Gross National Happiness has been turning to Bitcoin to address a sharp economic decline.
Faced with rising youth unemployment and a wave of skilled emigration, Bhutan has quietly leveraged its hydroelectric power to mine the world’s most popular cryptocurrency—then used the proceeds to double civil servant salaries and slow the country’s brain drain.
In 2022, Bhutan saw over 10 percent of its population—many young and educated—leave the country in search of better pay abroad.
The situation worsened through 2023, with thousands of civil servants also resigning due to low wages.
According to state broadcaster Bhutan Broadcasting Service, nearly 1,900 civil servants quit in the first quarter of 2023 alone.
To stem the tide, the government sold $100 million worth of Bitcoin in 2023 and used it to double salaries for public workers.
By the first quarter of 2024, resignations fell sharply to 500, marking the first sign of retention progress.
Prime Minister Tshering Tobgay confirmed the move in a March 2025 interview, stating,
“We’ve used Bitcoin to provide free healthcare and for the environment. But these are minor; the main use of Bitcoin has been to finance the salaries of public servants.”
Bhutan's geography plays a central role in its cryptocurrency experiment.
Four major rivers—Amo Chu, Wang Chu, Punat Sang Chu, and Mangde Chu—generate abundant hydroelectricity, especially during the summer when water flow peaks.
Rather than exporting this surplus power at low tariffs, Bhutan channels it into Bitcoin mining.
Tobgay explained,
“This is where Bitcoin mining makes tremendous sense.”
The cold climate in Thimphu and other highland regions helps keep mining operations energy-efficient, as cooling requirements for supercomputers are minimal.
Bhutan’s mining efforts began in 2019, driven by the kingdom’s sovereign investment arm, Druk Holding & Investments.
According to its CEO Ujwal Deep Dahal,
“It is important for Bhutan to capitalise on the green energy we have in terms of mining Bitcoin as a part of our investment portfolio.”
While Bhutan has not officially declared the size of its Bitcoin reserves, blockchain analytics firm Arkham estimated its holdings at over 8,000 BTC, valued around $700 million in early 2025.
At its 2024 peak, Bhutan held over 13,000 BTC, indicating that roughly 5,000 coins were sold off in the months following.
The figure represents about 30 percent of Bhutan’s 2023 GDP, which stood at $2.686 billion.
After moving about 500 BTC to an unknown wallet in the past 24 hours, according to Arkham’s data, the kingdom holds 7,697 BTC, valued around $659.53 million.
Source: Arkham
In addition to Bitcoin, Bhutan holds smaller quantities of Ethereum and LinqAI.
The COVID-19 pandemic delivered a heavy blow to Bhutan’s tourism sector, which typically accounts for more than 10 percent of its GDP.
Tourist numbers dropped from the country’s target of 300,000 annually to about 150,000 in 2024.
Bhutan’s model of “high-value, low-volume” tourism—backed by a $100 daily fee for international visitors—faced challenges as global travel rebounded slower than expected.
Indian tourists, who only pay $15 per day, remain the only major exception to the fee.
With limited arable land, no sea access, and heavy reliance on food imports from India, Bhutan has had to think creatively to stimulate its economy while staying true to its environmental and cultural values.
By 2024, youth unemployment in Bhutan had reached 19 percent—well above the global average of 13.6 percent the year prior.
Australia has become a popular destination for Bhutanese migrants, with the number of Bhutanese immigrants more than doubling from 2016 to 2021.
Tobgay said,
“We have jobs in Bhutan but they cannot compete against the wages that they can earn elsewhere in developed countries.”
While the use of Bitcoin revenue has helped reduce civil service attrition, it remains to be seen whether this approach will have lasting impact.
Still, for now, Bhutan has turned digital currency into a national tool to retain its workforce and restore confidence in its public sector.
Bhutan’s restrictions on industrialisation and its constitutional mandate to maintain at least 60 percent forest cover have limited foreign investment.
But Bitcoin mining presents an alternative that aligns with the nation’s values.
Tenzing Lamsang, editor-in-chief of The Bhutanese,
“Instead of exporting [hydropower] at a very cheap rate, we are using it to mine Bitcoins in the high mountains of Bhutan.”
Analysts like Aditya Gowdara Shivamurthy from the Observer Research Foundation suggest that Bhutan’s ecological and economic principles make Bitcoin mining one of the few scalable ventures that doesn’t conflict with its sustainable goals.
King Jigme Khesar Namgyel Wangchuck has long been a proponent of digital infrastructure.
In a 2019 address, he said,
“Being a small nation makes us a smart nation – this is not out of choice but out of necessity.”
Alongside its crypto efforts, Bhutan is building Gelephu Mindfulness City—an economic hub blending sustainability with commercial growth.
The city will feature low-rise buildings, national parks, and wellness-focused zones designed to align with Bhutan’s unique development philosophy.
King Jigme's Gelephu Mindfulness City aims to create a globally leading, sustainable urban hub in Bhutan, blending economic development with mindfulness and strategic regional connectivity. (Source: gmc.bt)
The city aims to be a key regional hub for connectivity and economic exchange, leveraging Bhutan's stability, spiritual heritage, and strategic location to establish a new standard for sustainable urban development. (Source: gmc.bt)
While it is still early to measure long-term outcomes, Bhutan’s use of Bitcoin is already setting it apart from other nations attempting to balance tradition, environment, and economic survival.
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