Bhutan's $780M Bitcoin Empire
Bhutan has quietly amassed $780 million in Bitcoin through eco-friendly mining, leveraging its abundant hydropower to become a major player in cryptocurrency.
Bhutan’s Bitcoin Holdings Unveiled
Bhutan, a small Himalayan kingdom known for its rich culture and sustainable practices, has emerged as a major player in the world of cryptocurrency. According to Arkham Intelligence, the nation holds 13,011 Bitcoin (BTC), which is valued at approximately $780 million. This revelation comes from the identification of Bhutan's Bitcoin addresses, marking the first time such information has been made public.
JUST IN: 🇧🇹 The Kingdom of Bhutan now owns 13,011 #Bitcoin worth $780.49 million 👀 pic.twitter.com/0Br0HXeAZN — Bitcoin Magazine (@BitcoinMagazine) September 16, 2024
Bhutan's Bitcoin holdings place it as the fourth-largest government with cryptocurrency reserves on Arkham's platform. What makes Bhutan's case unique is that, unlike other governments whose Bitcoin assets often come from seized funds, Bhutan's reserves are the result of extensive mining operations.
How Bhutan Mines Bitcoin
Bhutan's Bitcoin mining is driven by Druk Holdings & Investments (DHI), the country's official investment arm. Over the past year, Bhutan has built mining facilities across several sites, including a major facility on the grounds of the now-defunct Education City project. These operations are powered by the nation’s renewable energy resources, specifically its hydropower, which is abundant in the region.
In 2023, Bitdeer, a leading cryptocurrency mining company, partnered with Druk Holdings to develop a fully carbon-neutral Bitcoin mining operation in Bhutan. The project aims to leverage Bhutan's commitment to environmental sustainability and abundant renewable energy sources.
Arkham Intelligence reported that the timeline of Bhutan's mining activity could be confirmed through satellite imagery showing the construction of mining facilities. This technological expansion signals Bhutan’s growing interest in becoming a key player in the cryptocurrency world, using its natural resources efficiently.
Expansion and Future of Mining Operations
Earlier this year, reports indicated that Bhutan’s Bitcoin mining capacity is set to expand. In a Bloomberg article, it was revealed that Druk Holdings and Bitdeer plan to increase their mining capacity from 100 to 600 megawatts. This massive boost in mining power will allow Bhutan to mine even more Bitcoin, further strengthening its position in the global cryptocurrency market.
Bhutan’s focus on eco-friendly mining aligns with the country's broader commitment to sustainability. The nation’s hydropower allows it to run carbon-free mining operations, which is a significant advantage in a world increasingly concerned about the environmental impact of cryptocurrency mining. This eco-conscious approach could make Bhutan a model for other countries looking to balance economic development with sustainability.
In conclusion, Bhutan’s growing Bitcoin empire is driven by its unique combination of renewable energy and technological ambition. By utilizing its hydropower resources for eco-friendly mining, the kingdom is poised to become a significant player in the global cryptocurrency market.
