The small Himalayan kingdom of Bhutan has emerged as an influential player in the cryptocurrency world. According to a recent report by Arkham Intelligence, Bhutan holds a staggering 13,011 Bitcoin (BTC), valued at approximately $780 million.
Eco-Friendly Mining Operations
What sets Bhutan apart from other Bitcoin holders is its commitment to eco-friendly mining practices. The country’s Bitcoin mining operations are powered by its abundant hydropower resources, making them one of the most environmentally friendly in the world. “Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023,” stated Arkham Intelligence.
Strategic Partnerships
In May 2023, Bhutan’s investment arm, Druk Holding & Investments, partnered with Bitdeer to develop a 100% carbon-free Bitcoin mining operation. This collaboration has significantly increased Bhutan’s mining capacity from 100 to 600 megawatts. “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction,” Arkham noted.
A Growing Bitcoin Empire
Bhutan’s strategic focus on Bitcoin mining has not only bolstered its financial reserves but also positioned it as the fourth-largest government holder of Bitcoin globally, reported Crypto News Land.. “Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC,” Arkham stated on X.
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