The post Bhutan Emerges as 4th Largest Bitcoin-Holding Government with $780 Million in BTC appeared first on Coinpedia Fintech News
Bhutan, the world’s 90th largest economy, owns 13,011 Bitcoin (BTC), worth $780.5 million, as revealed by the on-chain analytics firm Arkham Intelligence. The Bhutan Government’s Bitcoin holding and the disclosure of its address are now gaining significant attention from the crypto community across the globe.
Bhutan Bitcoin Holding
According to the data, this massive BTC holding does not come from seizing assets through law enforcement but rather comes from the Bitcoin mining operations carried out by the Kingdom Bhutan’s investment arm, Druk Holding. With this significant holding, Bhutan is not the 4th largest government with Bitcoin Holdings, totaling over $750 million. The country’s mining effort has significantly jumped since early 2023.
Arkham in his post on X (previously Twitter) noted,
“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.”
Bitcoin and Crypto Adoption in Bhutan
This disclosure highlights the country’s adaptation and confidence in Bitcoin as well as this rapidly evolving cryptocurrency landscape. According to the data, the average cost of this notable holding appears to be $59,987.
Bhutan’s Eco-Friendly Bitcoin Mining Operation
However, in mid-2023, Druk Holding partnered with Bitdeer to develop a 100% carbon-free Bitcoin mining activity in Bhutan. According to data, Bhutan is leveraging its abundant hydropower resources to support eco-friendly Bitcoin Mining. Additionally, this partnership has increased the mining capacity from 100 to 600 megawatts, driven by its ideal eco-friendly approach and geographical advantages.