Bhutans Bitcoin Holdings Revealed: Kingdom Owns $780M in BTC from Mining
South Asian country Bhutan, a Buddhist kingdom on the Himalayas eastern edge, has been revealed as a major Bitcoin holder, owning 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence. The public data company identified Bhutans Bitcoin addresses, marking the first time this information has been publicly shared.
BREAKING: BHUTAN GOVERNMENTS $750M BTC NOW ON ARKHAM
Arkham (@ArkhamIntel) September 16, 2024
Bhutans Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutans investment arm, Druk Holdings.
Arkham is the first to publicly identify these pic.twitter.com/a8ScUNJJ9F
"Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC," Arkham stated on X. "Unlike most governments, Bhutans BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023."
Bhutans Bitcoin mining activities are conducted by the Kingdoms investment arm, Druk Holdings. According to Arkham, the country has constructed mining facilities at multiple sites, with the largest on the grounds of the defunct Education City project. Arkham further noted, "We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction."
In May of 2023, Bitdeer partnered with Druk Holding & Investments to develop the 100% carbon-free Bitcoin mining operation in Bhutan.
Earlier this year, a Bloomberg report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutans focus on eco-friendly mining is bolstered by its abundant hydropower resources, making it an ideal location for eco-friendly mining.
Text source: Bitcoin Magazine: Bitcoin News, Articles, Charts,
