The South Asian nation of Bhutan, a Buddhist kingdom located on the eastern edge of the Himalayas, has been disclosed as a significant Bitcoin holder, possessing 13,011 BTC valued at approximately $780.49 million, as reported by Arkham Intelligence. This public data company has identified Bhutan’s Bitcoin addresses, marking the first instance of this information being made public.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These assets originate from Bitcoin mining operations conducted by Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly reveal these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@ArkhamIntel) September 16, 2024
“Bhutan ranks as the 4th largest government holding Bitcoin on our platform, with over $750M in BTC,” Arkham announced on X. “In contrast to most governments, Bhutan’s BTC stems from mining operations rather than law enforcement asset seizures, which have significantly increased since early 2023.”
Bhutan’s Bitcoin mining operations are managed by the Kingdom’s investment branch, Druk Holdings. Arkham stated that the country has established mining facilities across various locations, with the largest situated on the grounds of the now-closed Education City project. They further added, “We were able to verify the timeline of on-chain mining activity with time-lapse satellite imagery of the facilities’ construction.”
In May 2023, Bitdeer collaborated with Druk Holding & Investments to launch a fully carbon-free Bitcoin mining operation in Bhutan.
A Bloomberg article released earlier this year disclosed that Druk Holding & Investments and Bitdeer were increasing their mining capacity from 100 to 600 megawatts. Bhutan’s emphasis on environmentally friendly mining is supported by its abundant hydropower resources, positioning it as an ideal location for sustainable mining.
