Key Takeaways
- Bhutan holds 13,011 Bitcoin worth $780.49 million.
- The kingdom's Bitcoin is mined through eco-friendly operations.
- Druk Holdings & Bitdeer plan to expand mining capacity to 600 MW.
Bhutan, a small Himalayan kingdom, holds 13,011 Bitcoin (BTC) worth approximately $780.49 million, according to a report by Arkham Intelligence.
The report marks the first public disclosure of Bhutan’s Bitcoin holdings, revealing the country’s status as a significant player in Bitcoin mining.
Fourth largest holder
Arkham Intelligence noted that Bhutan is the fourth largest government holder of Bitcoin on its platform, highlighting the nation’s mining operations as the source of its Bitcoin, unlike other governments that typically acquire Bitcoin through asset seizures.
Bhutan’s mining efforts, overseen by its investment arm, Druk Holdings, have expanded rapidly since early 2023.
Various mining sites
Druk Holdings has developed mining facilities at various locations, including one at the site of the former Education City project.
According to Arkham, time-lapse satellite imagery was used to track the construction and verify on-chain mining activity.
In May 2023, a partnership with Bitdeer was formed to create a fully carbon-free mining operation in Bhutan.
This collaboration focuses on scaling operations from 100 to 600 megawatts, capitalizing on Bhutan’s hydropower resources to support sustainable Bitcoin mining.
