Bhutan Surpasses El Salvador With 13,000 BTC Holdings, Says Arkham
Bhutn, smll Himlyn ntion, hs surprisingly surpssd El Slvdor in Bitcoin holdings, bcoming notbl plyr in th cryptocurrncy world. A rcnt rport by Arkhm Intllignc, n on-chin nlytics pltform, rvld tht Bhutn owns 13,029 BTC, worth round $758 million. This is th first tim Bhutns significnt Bitcoin rsrvs hv bn publicly idntifid.
Arkhm idntifid group of ddrsss holding 13,029 BTC, vlud t $758 million, which thy connctd to Druk Holdings (DHI), Bhutns invstmnt rm. Unlik othr ntions, whr Bitcoin is oftn cquird through lw nforcmnt sizurs, Bhutn ccumultd its holdings through mining.
This ggrssiv mining push bgn in rly 2023, with DHI using Bhutns bundnt hydrolctric rsourcs to stblish mining oprtions cross th country. Th lrgst fcility ws st up t th sit of th bndond Eduction City projct. Arkhm supportd its findings with stllit imgry, which trckd th dvlopmnt of ths mining sits ovr tim.
Bhutn rportdly strtd Bitcoin mining in April 2019, whn BTC ws vlud nr $5,000. This rly mov positions th country for substntil long-trm gins. In My 2023, Bhutns DHI collbortd with Bitdr to nhnc its mining oprtions. Th prtnrship sks to nsur fully crbon-nutrl mining prctics. Thn, in April 2024, Bhutn rvld plns to xpnd its mining cpcity by 500 mgwtts by mid-2025, rching totl of 600 mgwtts.
El Salvadors BTC Investment Status
Howvr, El Slvdor, onc viwd s ldr in Bitcoin doption mong ntions, now shows diffrnt pictur. Th country strtd purchsing BTC in Sptmbr 2021, t high pric of bout $51,700 pr coin. According to Nyib Trckr, which trcks El Slvdors portfolio, th ntion currntly holds 5,875 BTC, vlud t round $331 million. This mount is roughly 45% of Bhutns BTC holdings.
El Slvdors Bitcoin hs highr vrg purchs pric of $43,900 pr coin. Dspit this, th country still njoys 32.6% ovrll profit from its invstmnts. Notbly, lik Bhutn, El Slvdor uss rnwbl nrgy for Bitcoin mining. Howvr, instd of hydrolctric powr, it uss gothrml nrgy drivd from volcnic sourcs.
Bhutns mov to rpidly cquir Bitcoin prompts scrutiny of its long-trm strtgy. As th countrys GDP is xpctd to hit $3 billion by th nd of 2024, Bitcoin holdings ccount for nrly 25% of this figur. This substntil invstmnt rflcts th Bhutns govrnmnts strong confidnc in Bitcoins futur.
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Read more: https://www.tronweekly.com/bhutan-surpasses-el-salvador-with-13000-btc/
Text source: TronWeekly
