Based on my experience of working in energy industry, I feel, lack of regulatory framework is the most important factor.

Despite being rich in energy resources, many countries remain hesitant to adopt green cryptocurrency mining due to a combination of regulatory, technological, and political challenges. One major barrier is the lack of clear legal frameworks governing digital assets, which creates uncertainty and discourages investment. Governments often worry about financial instability, capital flight, and the potential for cryptocurrencies to undermine central banking authority. Technologically, while energy may be abundant, the infrastructure needed for efficient mining—such as data centers, cooling systems, and reliable internet—is often underdeveloped. Politically, crypto is viewed as volatile and speculative, making it unattractive to risk-averse administrations, especially in countries where decentralized finance is seen as a threat to governmental control. Even green mining can raise environmental concerns, such as land and water use, and may face public opposition if perceived as benefiting elites or foreign entities. Additionally, some nations prefer to use their energy resources for industrial development or export rather than speculative ventures like crypto mining.

When it comes to integrating cryptocurrency reserves into national economies, as Bhutan has done, the barriers are even more pronounced. Holding crypto as a sovereign asset introduces significant volatility, complicating monetary policy and potentially destabilizing national finances. Many countries face legal constraints, including bans on crypto or strict capital controls, and international institutions like the IMF or World Bank often discourage such moves due to the risks involved. Technologically, managing national crypto reserves requires advanced cybersecurity, secure storage solutions, and blockchain expertise—areas where many governments lack capacity. Politically, integration demands consensus and public trust, which is difficult to achieve in polarized environments or where crypto is associated with scams and financial loss. Moreover, geopolitical risks arise when sanctioned countries turn to crypto, potentially triggering international backlash. Bhutan’s success is largely due to its unique combination of abundant hydroelectric power, political stability, and strategic planning—conditions not easily replicated elsewhere.