The Kingdom of Bhutan sold off $6.7 million worth of Bitcoin, marking its third consecutive week of selling.

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Bhutan has been mining Bitcoin for six years, but mining speeds have slowed since the 24-year halving.
Bhutan currently holds 534 billion won worth of Bitcoin.

Status of virtual assets held by the Kingdom of Bhutan <br />「Source=Arkham Intelligence」
Status of virtual assets held by the Kingdom of Bhutan
Source: Arkham Intelligence
The government of the Kingdom of Bhutan has recently sold $6.7 million (KRW 9.6 billion) worth of Bitcoin, according to Arkham Intelligence, an on-chain data analytics platform. According to Arkham Intelligence, Bhutan has been selling Bitcoin weekly for the past three weeks.

Selling for three consecutive weeks... 100 BTC transferred to QCP Capital.


Source: Arkham Intelligence
Source: Arkham Intelligence

According to on-chain data from blockchain data intelligence platform Arkham, the government of the Kingdom of Bhutan transferred 100 Bitcoin (BTC) to QCP Capital yesterday, worth $6.7 million.

Partnership with BitDeer, but mining speeds are slowing down.


Bhutan's Bitcoin mining operation was planned to produce up to 600 megawatts (MW) of Bitcoin mining power through a partnership with Bitdeer Technologies.

However, on-chain data shows that mining in Bhutan has slowed since the Bitcoin halving in April 2024.

Bhutan began mining Bitcoin six years ago, and has recently been selling off Bitcoin in units of $50 million as the price has fallen.

According to Arcam Intelligence, Bhutan currently holds $372 million worth of Bitcoin in confirmed wallets.

Joohoon Choi joohoon@blockstreet.co.kr

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