Bhutan Mines Over 13,000 BTC

The Bhutanese government’s Bitcoin assets amount to 13,036 BTC ($770 million). The relevant addresses were tracked by experts from the analytical platform Arkham.

The nation has accumulated digital gold amounting to nearly a third of its GDP through mining conducted by the state fund Druk Holdings. Bhutan ranks fourth in Arkham’s list of countries by government-held Bitcoin volume.

Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC.

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. pic.twitter.com/5bCRk9ajti

— Arkham (@ArkhamIntel) September 16, 2024

“Unlike most authorities, Bhutan acquires BTC not through asset seizures by law enforcement but through mining, which has surged since early 2023,” Arkham noted.

The government has established facilities for mining digital assets in several locations. The largest is a farm created within the closed Education City project. Experts discovered it using satellite imagery. 

Earlier, Forbes conducted an investigation and found that the Kingdom of Bhutan has transformed into a “crypto Shangri-La” thanks to the allocation of land, funding, and energy by the country’s authorities for Bitcoin mining.

In July 2023, Bitdeer completed the construction of the Gedu Bitcoin mining facility in Bhutan.