It is revealed that Bhutan is the first country to have a nationalized bitcoin mining effort

On April 17, 2019, it was reported that Bhutan was the first country to start mining Bitcoin. This move was not widely publicized at the time, and it was only later that the world came to know about the country's endevour.
 

Bhutan leveraged its abundant hydropower resources to mine Bitcoin, aligning with its commitment to sustainability and Gross National Happiness. The mining operations began when the price of Bitcoin was around $5,000, a figure that would see substantial growth in the years to follow.

Bhutan explored partnerships to expand its mining operations, including negotiations with Bitdeer, a Nasdaq-listed mining company, to secure additional power for a Bitcoin mining data center. The initiative was part of Bhutan’s strategy to diversify its economy and create new revenue streams, particularly as the country looked to harness its hydroelectric potential.
 

The scale and profitability of Bhutan’s mining operations remained largely undisclosed, but the country’s investment in cryptocurrency holdings was managed by the state-owned holding company Druk Holding and Investments (DHI) on behalf of its people. 

Bhutan’s approach to Bitcoin mining, using clean and renewable energy sources, set an example for the rest of the world and highlighted the potential for sustainable practices in the bitcoin industry.