Bhutan, a tiny Himalayan kingdom famed for its Gross National Happiness index, is doing something truly unexpected: mining Bitcoin. But not just any Bitcoin. Green Bitcoin. But it’s a beautiful pivot that seems surprising at first, like that monk jamming on an electric guitar. Get a better look! What you’re witnessing is the potential blueprint for a thriving Africa’s fintech lucid dream. It’s renewable energy powered and chock full of opportunity.
Can Crypto Solve Youth Unemployment?
Let’s get real, Africa is the land of milk and honey where opportunity meets obstacles. Youth unemployment is a massive one. Bhutan is known for its unique prioritization of well-being. Yet, it now continues to face a skyrocketing youth unemployment rate, recently increasing from 15.9% to 19%. The anxiety surrounding this issue is palpable. Could crypto, particularly green crypto, be part of the answer?
Bhutan thinks so. Prosperity and climate commitments at once. They’re using their plentiful, clean hydropower to make Bitcoin, hoping to mine their way to a stronger economy and greener climate. And this isn’t all about profit, it’s about opportunity. And like the UAE, they’re working to prepare their young people to leverage blockchain and AI, arming their young people with powerful tools for the future.
Imagine this replicated across Africa. Ethiopia has been on the forefront already with its Grand Ethiopian Renaissance Dam. Likewise, the Democratic Republic of Congo has gigantic hydropower potential that it could develop first. They can use their renewable energy resources to run Bitcoin mining operations. This awesome move will create high-quality jobs, attract high-tech investment and position them as leaders in the developing digital economy. This is an opportunity to leapfrog conventional development patterns.
ESG Meets Bitcoin Mining: A Revolution?
Here's where things get really interesting. Bhutan is looking at selling its “green” coins. Big businesses determined to meet their ESG targets are salivating at this prospect. Think about that for a second. Corporations are facing heightened scrutiny to operate in a sustainable manner. What better way to offset their growing and undeniable carbon footprint than by investing in Bitcoin mined with clean, renewable energy sources?
This is refreshing because it turns the traditional dog and pony show inside out. Bitcoin mining has traditionally come under fire for its environmental footprint. Bhutan is proving that it doesn’t need to be this way. By using only hydropower, they’re ensuring that their activities leave a light environmental footprint, setting a new standard for the ESG-friendly crypto mine of the future.
This could be a game-changer for Africa. Imagine African nations offering "green" Bitcoin to corporations around the world, attracting investment and boosting their economies while simultaneously promoting sustainable development. It's a win-win.
It's not all sunshine and rainbows. There are challenges. The volatility of Bitcoin is a concern. Regulatory uncertainty is another. Establishing and operating a safe and effective mining operation takes knowledge and resources. The rewards are simply too significant to the economy to avoid for too long.
Africa's Fintech Future is Green?
Yet since 2019, Bhutan’s sovereign wealth fund, Druk Holding and Investments Ltd., has been very publicly investing in cryptocurrencies. It’s said that the fund contains 1% of the world’s Bitcoin. That’s an impressive display of foresight and willingness to embrace the future. One special administrative region is even planning to create a multi-cryptocurrency strategic reserve.
Africa needs that same boldness. What we really need are risk-embracing leaders who will experiment with new technologies and invest in the future. This isn’t just a knee jerk reaction to shiny objects and the latest buzzwords. It’s about using technology to more effectively tackle our most urgent challenges and deliver greater opportunity to our communities and our citizens.
Bhutan’s green Bitcoin mining and Africa’s fintech future are strangely connected. Both possess a deep well of innovation, potential for renewable energy, an urgency for economic diversification, and an ever-stronger desire to put their young people’s future first. It's a model that deserves serious consideration.
What if Africa leads the charge in being the new home for sustainable crypto-mining? What if African nations lead the way in developing innovative blockchain solutions that address local challenges, from financial inclusion to supply chain management?
The wonder that this great continent will produce for humankind will be astounding.
This is more than just about Bitcoin. It’s about Africa being in charge of its own destiny and creating a sustainable and prosperous future. It’s about showing the world that Africa isn't just a continent of challenges, but a continent of innovation and opportunity. The time to act is now.
