Bhutan Bitcoin Holding
Bhutan, recognized as the world’s 90th largest economy, has made headlines with its substantial Bitcoin holdings. On-chain analytics firm Arkham Intelligence recently revealed that the Bhutan Government possesses 13,011 Bitcoin (BTC), valued at approximately $780.5 million. This disclosure has captured the attention of the global crypto community, positioning Bhutan as a notable player in the cryptocurrency landscape.
According to Arkham Intelligence, Bhutan ranks as the 4th largest government in terms of Bitcoin holdings, with an impressive $750 million in BTC. Unlike most governments that acquire Bitcoin through law enforcement asset seizures, Bhutan’s BTC comes directly from its Bitcoin mining operations. These operations, managed by the Kingdom’s investment arm, Druk Holding, have seen a significant increase since early 2023.
Bitcoin and Crypto Adoption in Bhutan
The disclosure of Bhutan’s Bitcoin holdings underscores the country’s growing adaptation and confidence in the rapidly evolving world of cryptocurrency. The average acquisition cost of Bhutan’s Bitcoin holdings is estimated to be around $59,987 per BTC. This strategic investment highlights Bhutan’s forward-thinking approach to embracing digital assets and the potential economic benefits they offer.
Bhutan’s Eco-Friendly Bitcoin Mining Operation
In mid-2023, Druk Holding took a significant step towards sustainable Bitcoin mining by partnering with Bitdeer to develop a 100% carbon-free Bitcoin mining operation in Bhutan. Leveraging the country’s abundant hydropower resources, this initiative aims to support eco-friendly Bitcoin mining practices.
The partnership with Bitdeer has significantly boosted Bhutan’s mining capacity, increasing it from 100 to 600 megawatts. This increase is driven by Bhutan’s ideal geographical advantages and its commitment to environmental sustainability. By utilizing renewable energy sources, Bhutan is setting a benchmark for eco-conscious cryptocurrency mining.
Conclusion
Bhutan’s substantial Bitcoin holdings and its commitment to eco-friendly mining operations illustrate the country’s innovative approach to cryptocurrency. By leveraging its natural resources and strategic partnerships, Bhutan is not only advancing in the crypto space but also promoting sustainable practices. This forward-thinking strategy positions Bhutan as a significant player in the global cryptocurrency market, setting an example for other nations to follow.
