华尔街日报:小国不丹,押注比特币挖矿

深潮Published on 2025-06-27Last updated on 2025-06-27

这个隐秘的佛教国家从2020年开始低调地建立比特币矿场,利用其丰富的水电资源“挖掘”数字黄金。

作者:Shan Li

编译:深潮TechFlow

不丹依然以古老传统为主,这使其成为一个不太可能的加密货币先驱。

廷布,不丹——这个以壮丽风景和国民幸福指数闻名的喜马拉雅小国,最近又获得了一个新头衔:加密货币先锋。

据加密货币平台 Arkham 报道,不丹目前持有价值13亿美元的比特币储备,相当于该国国内生产总值(GDP)的约40%。根据 Arkham 的数据,这使得不丹成为全球政府中第三大比特币持有者。

与美国或英国等加密货币持有大国不同,不丹的财富并非通过查获犯罪资产或在公开市场购买而来。相反,这个隐秘的佛教国家从2020年开始低调地建立比特币矿场,利用其丰富的水电资源“挖掘”数字黄金。

“不丹的选择在很多方面显而易见,”不丹主权财富基金 Druk Holding and Investments 的首席执行官乌吉瓦尔·迪普·达哈尔(Ujjwal Deep Dahal)说道,该基金实施了这一项目。“我们将比特币视为一种价值储存手段,类似于黄金。”

许多国家正在研究如何将加密货币注入其金融系统。今年3月,美国总统特朗普签署了一项行政命令,创建国家比特币及其他数字货币储备

加密货币专家指出,大国希望在加密货币领域抢占先机,类似于纽约和伦敦在传统金融领域的主导地位。而对于小国来说,这也被视为一种潜在的经济助力。2021年,萨尔瓦多大胆尝试将比特币作为法定货币,尽管这种货币的使用并未广泛普及。

不丹主权财富基金首席执行官乌吉瓦尔·迪普·达哈尔密切参与了比特币矿场的建立。

不丹是一个与世隔绝的佛教国家。

然而,不丹押注比特币并非没有风险。比特币价格的下跌可能会对政府财政造成严重打击。

夹在中国和印度之间的不丹,人口仅有78万,是一个在加密货币领域令人意外的开拓者。这个国家依然保留着许多传统:政府官员身着传统服饰,男性通常穿着一种系在腰间的及膝长袍;首都廷布没有红绿灯;射箭比赛是周末广受欢迎的娱乐活动。而不丹的第一次信用卡交易还要追溯到2010年。

不丹通过“国民幸福指数”来衡量经济进步。然而,这个被称为“雷龙之国”(因其山谷中经常席卷而来的雷暴天气而得名)的国家,长期以来一直难以将经济扩展到水电、农业和旅游业之外。

自新冠疫情导致旅游业停滞以来,不丹的经济更加困难。在过去五年中,该国约10%的人口为寻求更好的工作机会而移民海外。

“我们很贫穷,”洛塔伊·策林博士(Dr. Lotay Tshering)说道。这位泌尿科医生曾在2018年至2023年担任不丹总理。他补充道:“许多人将不丹称为世界上最幸福的国家。我们并不是。”

当45岁的国王吉格梅·凯萨尔·纳姆耶尔·旺楚克(Jigme Khesar Namgyel Wangchuck),因其俊朗外貌被昵称为“亚洲猫王”(Asian Elvis),向官员们征求如何利用科技推动经济发展的想法时,比特币挖矿的主意应运而生。

由一个主权国家直接运营自己的加密货币挖矿业务,这种做法并不常见。但不丹已经具备了实现盈利挖矿的关键条件:廉价电力。

要挖出新的比特币,计算机必须解决越来越复杂的数学难题。在比特币的早期,爱好者们常用家用电脑生成新币,但如今的大规模挖矿需要耗电量巨大的服务器。矿工们通常选择像哈萨克斯坦这样电价低廉的偏远地区设立矿场。

“不丹的比特币就像一个电池,消耗掉我们夏季多余的电力,”主权财富基金首席执行官达哈尔(Dahal)说道,他多年来将区块链技术作为个人兴趣进行研究。

这一计划于2019年由基金的研发部门启动。达哈尔表示,他最初通过在线阅读资料和观看 YouTube 视频学习如何挖比特币。团队最初进口了两台计算机进行实验,但有一晚却因设备过热导致办公室报警,凌晨3点还接到了安保人员的紧急电话。

然而,当第一座矿场于2020年底破土动工时,正值不丹因疫情关闭边境,导致外籍技术人员无法飞入协助搭建设备。达哈尔和四名员工亲自配置了机器,并花了数月时间驻扎在现场。根据官员的说法,第一个矿场选址于多楚拉山口(Dochula Pass)附近,这里不仅气温凉爽,还靠近输电线路。来自新加坡和马来西亚的专家通过电话提供了技术指导。

水力发电在不丹的经济中起着重要作用。

“一旦拥有了这些机器,你就不想浪费哪怕一天的挖矿时间,”达哈尔(Dahal)说道。

很快,这一计划取得了成功。据官员透露,到2022年,不丹已经完成了四个政府拥有的矿场建设。此外,这一进展恰逢比特币价格大幅上涨的时机,比特币价格从2020年的不到1万美元飙升至如今的约10万美元。

不丹总理策林·托布盖(Tshering Tobgay)表示,比特币的收益已经足以弥补水电出口的下降,而水电出口通常占政府预算的约40%。由于比特币矿场消耗了更多电力,水电出口有所减少。

2023年,政府决定出售价值1亿美元的比特币储备,用于为公务员提供两年的薪资增长。

“这次加薪完全是用比特币收益来资助的,”托布盖说道。他补充说,如果仅仅出售电力,“你根本无法获得所需的资金。”

不丹总理策林·托贝表示,比特币挖矿为公务员加薪提供了资金。

不丹还在探索其他与比特币相关的盈利方式。2023年,总部位于新加坡的矿业公司 Bitdeer Technologies 宣布与不丹合作建设矿场。根据协议,Bitdeer 资助了两个矿场的建设,并获得了所有比特币收益。作为回报,该公司以美元支付不丹电费,这进一步提升了不丹的外汇储备。

关于矿场的具体位置和数量,政府保持缄默,这些矿场由一家名为 Green Digital 的公司管理。据官员和 Planet Labs 的卫星图像显示,目前至少有六个矿场在运行。

达哈尔解释说,保密是为了防止“滥用、黑客攻击或其他问题。”他补充道,这一项目完全遵守了不丹的相关法规。

然而,在闭门会议中,一些官员对项目的透明度提出了不满,并对资金的最终用途表示疑虑。许多不丹民众在当地新闻报道公务员加薪之前,甚至对国家持有比特币储备一无所知。

不丹的经济高度依赖旅游业,因此新冠疫情对该国造成了严重冲击。

25岁的国家土地委员会分析师陈乔·策林(Chencho Tshering)表示,他最初难以相信不丹这样一个经济面临困境的国家,竟能创造出足够的资金,为他提供高达65%的薪资增长。“我之前完全不了解比特币,但它确实是我们经济的一种多样化手段,”他说,“这很聪明。”

据官员透露,如今政府计划长期持有比特币储备,而不是将其变现用于政府开支。尽管不打算新增矿场,但政府预计会对现有矿场进行升级。

不丹还在尝试将加密货币融入日常生活。上个月,政府推出了一种加密支付系统,允许游客使用超过100种加密货币支付机票、酒店和签证费用。

前总理、现任负责监管比特币矿场的特别行政区总督策林博士(Dr. Tshering)表示,加密货币将被整合到该行政区的每个方面。这个行政区被称为“格勒普正念城市”(Gelephu Mindfulness City),其战略储备也将包括加密货币。预计加密货币将在城市内被广泛接受,同时该城市还在开发自己的数字货币。

“加密货币基本上就像咖喱里的盐,”策林博士形容道,“它将触及咖喱的每一个元素。”

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