Bhutan Emerges as a Major Player in Bitcoin Holdings
In a surprising development, Bhutan has recently emerged as one of the major players in the world of Bitcoin holdings. With a staggering stash of 13,029 BTC, the Himalayan kingdom has secured the fourth spot among countries with the largest Bitcoin holdings. This revelation has shed light on Bhutan’s growing presence in the cryptocurrency market and its strategic efforts in Bitcoin mining operations.
The Royal Government of Bhutan’s Bitcoin Holdings
According to on-chain data gathered by Arkham Intelligence, the Royal Government of Bhutan currently holds 13,029 Bitcoin, which is valued at approximately $755 million based on current market prices. In addition to Bitcoin, wallets associated with the Bhutanese government also contain 656.013 Ethereum, worth around $1.5 million. This substantial amount of cryptocurrency holdings has positioned Bhutan as a significant player in the digital asset space.
Bhutan’s Position Among Governments in Bitcoin Holdings
Recent data from CoinGecko has revealed that as of August, governments collectively held 2.2% of Bitcoin’s total supply. Among them, the United States led the pack with 213,246 BTC, followed closely by China with 190,000 BTC. Surprisingly, Bhutan secured the fourth position, surpassing countries like El Salvador and holding more Bitcoin than the United Kingdom. This remarkable feat has put Bhutan on the map as a noteworthy player in the global cryptocurrency landscape.
The Origin of Bhutan’s Bitcoin Holdings
Unlike some countries where Bitcoin holdings are a result of seizures by authorities, Bhutan’s stash is primarily attributed to its Bitcoin mining operations. The state-owned investment arm, Druk Holding & Investments, has been actively involved in Bitcoin mining for several years, albeit discreetly in the initial stages. With the ramping up of mining efforts in 2023, Bhutan significantly expanded its Bitcoin mining capacity, attracting attention from industry players like Bitdeer Technologies Group.
In a strategic partnership with Bitdeer, Bhutan augmented its mining capabilities by sixfold, aiming to increase its mining capacity to 500 megawatts by the first half of 2025. This collaboration has not only bolstered Bhutan’s position in the Bitcoin mining sector but also highlighted the country’s commitment to leveraging renewable energy sources, particularly hydroelectric power, for sustainable cryptocurrency mining operations.
The Himalayan kingdom’s foray into Bitcoin mining has not only boosted its economic prospects but also positioned it as a key player in the global cryptocurrency market. As Bhutan continues to expand its presence in the digital asset space, its innovative approach to mining operations and strategic partnerships are likely to propel it further into the forefront of the evolving cryptocurrency landscape.