A significant event in the cryptocurrency space, the upcoming Bitcoin (BTC) halving has prompted Bhutan to expand its Bitcoin mining capacity sixfold to counteract the potential impact on revenue and maintain operational efficiency.

To achieve this, Bhutan's investment arm, Druk Holding & Investments (DHI), has partnered with crypto mining firm Bitdeer to introduce advanced Bitcoin mining hardware. This move is expected to increase Bhutan's mining capacity to 600 megawatts by the first half of 2025, with funding from a $500 million fund established in May 2023.

Utilizing the abundant hydroelectric power in Bhutan, the partners aim to support the mining of decentralized finance (DeFi) assets. This expansion will rely on Bitdeer's latest hardware, aiming to reduce costs and enhance computing power. The goal is to leverage blockchain technology as a key component of building an innovation ecosystem for a startup economy.

As the Bitcoin halving event approaches, institutional investors have continued to invest in Bitcoin mining companies, such as Marathon Digital Holdings. Despite the increase in Bitcoin mining difficulty, institutional interest remains strong.

Currently, Bitcoin is trading at $66,519, with a slight decline in the daily chart. Analysts predict a wide range of Bitcoin price targets, reaching up to $1,000,000 by 2025. However, it is essential for investors to conduct their own research before making significant investments in the asset.

Disclaimer: The information provided should not be regarded as investment advice, as investing carries inherent risks.

Image: Bitcoin mining difficulty, Source: Bloomberg/CryptoQuant