GUWAHATI: Bhutan, a Buddhist country in South Asia, has been revealed as a major Bitcoin holder. According to a report by Arkham Intelligence, Bhutan owns 13,011 BTC, which is worth around $780.49 million.
The public data company identified Bhutan’s Bitcoin addresses and shared this information publicly for the first time.
The country has acquired these bitcoins through extensive mining operations fuelled by its abundant renewable energy resources, Bitcoin Magazine reported.
“Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC,” Arkham posted on X.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@ArkhamIntel) September 16, 2024
“Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023,” it stated.
Bhutan’s Bitcoin mining activities are conducted by the Kingdom’s investment arm, Druk Holdings.
According to Arkham, the country has constructed mining facilities at multiple sites, with the largest on the grounds of the defunct Education City project.
Arkham further stated, “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.”
In May 2023, Bitdeer joined forces with Druk Holding & Investments to create a 100% carbon-free Bitcoin mining operation in Bhutan.
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Earlier this year, a Bloomberg report disclosed that Druk Holding & Investments and Bitdeer were increasing 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.
