Bhutan, a South Asian country known for its Buddhist heritage and stunning Himalayan landscapes, has been revealed as a significant holder of Bitcoin. According to a report by Arkham Intelligence, Bhutan holds 13,011 BTC, valued at approximately $780.49 million, making it one of the largest government holders of Bitcoin worldwide.
The report by Arkham Intelligence identified Bhutan’s Bitcoin addresses, revealing this information publicly for the first time. Bhutan’s Bitcoin mining operations are conducted by Druk Holdings, the investment arm of the Bhutanese government. Unlike many governments holding Bitcoin through asset seizures, Bhutan’s BTC comes directly from its Bitcoin mining activities.
Bhutan’s Bitcoin mining operations have been ramping up significantly since early 2023. In May 2023, a partnership between Druk Holding & Investments and Bitdeer was formed to develop a 100% carbon-free Bitcoin mining operation in the country.
Bhutan’s mining facilities are located across multiple sites in the country, including a significant installation on the grounds of the former Education City project. The country leverages its vast hydropower resources to conduct eco-friendly mining, making Bhutan an ideal location for such operations.
Bhutan’s focus on Bitcoin mining aligns with its broader emphasis on eco-friendly practices. The nation uses its abundant hydropower resources, making its mining operations 100% carbon-free. This approach not only positions Bhutan as a significant player in the crypto space but also aligns with its values of environmental sustainability.
Bhutan’s Bitcoin holdings come from active mining operations managed by Druk Holdings. These operations have been expanding, with Bitdeer and Druk Holding & Investments increasing their mining capacity from 100 to 600 megawatts. Arkham Intelligence confirmed the mining activities through on-chain analysis and time-lapse satellite imagery of the construction of mining facilities. Bhutan’s holdings rank it as the fourth-largest government Bitcoin holder on Arkham’s platform, showcasing the country’s strategic involvement in the crypto market.
Bhutan’s approach to cryptocurrency mining highlights a unique combination of government-backed investment and a commitment to eco-friendly practices, distinguishing it from other countries involved in the digital asset space.
