1Y
...
Bhutan, the serene Buddhist kingdom nestled in the Himalayas, has become a significant player in the cryptocurrency space, boasting ownership of 13,011 BTC, valued at approximately $780.49 million. This revelation, according to Arkham Intelligence, marks the first time Bhutan’s Bitcoin holdings have been made public, positioning it as the fourth largest government holder of the cryptocurrency on Arkham’s platform.
The source of Bhutan’s Bitcoin wealth is uniquely attributed to its robust Bitcoin mining operations, rather than law enforcement seizures—a common source for other nations. Arkham’s report highlights that these operations, managed by the kingdom’s investment arm, Druk Holdings, began escalating early in 2023. The country has set up mining facilities in various locations, including a major site at the former Education City project, verified by time-lapse satellite imagery.
Further emphasizing Bhutan’s commitment to sustainable practices, earlier this year, Druk Holdings expanded its partnership with Bitdeer, enhancing their mining capacity from 100 to 600 megawatts. Utilizing its abundant hydropower resources, Bhutan is pioneering a 100% carbon-free Bitcoin mining operation, showcasing its potential as a leader in environmentally friendly cryptocurrency mining.
