Bhutan has mined over $780 million worth of Bitcoin using renewable energy, highlighting the country’s growing Vai in digital assets.
The South Asian nation of Bhutan, a Buddhist kingdom on the eastern edge of the Himalayas, has been revealed to be a major Bitcoin holder, holding 13,011 BTC worth approximately $780.49 million, according to a report by Arkham Intelligence. The public data firm has identified Bhutan’s Bitcoin addresses, marking the first time this information has been Chia publicly.
“Bhutan is the 4th largest government holding Bitcoin on our platform, with over $750 million in BTC,” Arkham posted on the X platform. “Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have grown significantly since the beginning of 2023.”
Bhutan’s Bitcoin mining operations are run by the Kingdom’s investment agency, Druk Holdings. According to Arkham , the country has built mining facilities in multiple locations, the largest of which is on the grounds of the defunct Education City project. “We can corroborate the timeline of on- chain mining activity using time-lapse satellite imagery of the construction of the facility,” Arkham added.
In May 2023, Bitdeer partnered with Druk Holding & Investments to develop a 100% carbon-neutral 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. Bhutan’s focus on eco-friendly mining is bolstered by its abundant hydropower resources, making it an ideal location for eco-friendly mining.
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