Bitdeer and Bhutan Govt enter $500M Deal for Crypto Mining

It is one of the news that many companies or countries might not believe that work on it also in the cryptocurrency and they have been mining for quite some time. We have to understand that crypto is a revolution and it runs on a decentralized Ledger so any country can be part of it and they need not go through any legal process to adopt it. This process is simple that only creating an infrastructure to mine Bitcoin or any other cryptocurrency easy enough and as a result, the country would also be benefited as they are following the trend.

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It was not expected that countries like Bhutan are also doing well in Crypton and now they are trying to go deep and further and that is a good example. It has become news that many countries including the USA are also not crypto-friendly anymore. There are a couple of countries that are doing good including UAE and we also have some countries where crypto is still considered an asset which is not an easy-going segment and even things are not easy for the exchanges as well as traders over there. Bhutan is not a rich country but they are adopting this revolutionary technology which shows that they want to grow and take the benefits which is the right decision. They must have done their projection in terms of revenue and profits further economy through the mining process of cryptocurrencies. It will help them have a bigger impact on their economy and maybe in the next bull cycle that can be a good boost to empower the economy of the country.

Bitcoin mining company Bitdeer (BTDR) said it will work with the Bhutan government to establish cryptocurrency mining operations in the southeast Asian country. For Bitdeer, the partnership will "mark a crucial expansion into Asia," the Singapore-based firm said. It currently operates six mining sites in Washington State, Texas, Tennessee, and Norway.

It is good that more countries are adopting the blockchain and crypto but we still have some of the countries including India where things are not doing well. It is hard to understand why such countries are taking so much time to clear their stand and build something that can help them as well as the people and companies that are dealing in this segment. If I talk about India then there are so many companies that have taken a move from India to another country because the crypto regulation and guidelines are not available here. For any company, it is very important to have clear guidelines and regulations to ensure smooth operation but here in India some of the exchanges have gone through challenges so they have decided to exit this market and set up in another country to provide crypto services to Indian users.

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Dubai is another country that is doing well and probably India needs to learn from them because we are a bigger population and if we get the support from the government then things can be so great that exchanges would not be required to move outside. It is a financial loss to the country because such exchanges will not be contributing to the Indian tax revenue anyway and this is also disturbing the Growth dynamics of the segment of cryptocurrency in the country. I believe we need to be hopeful and wait for some more time to see if there is some positive environment and maybe later these countries realize what they are missing so it is good for them to adapt for the country as well as boost our economy through the blockchain and cryptocurrencies.

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Posted Using LeoFinance Alpha