Bhutan sells $22M Bitcoin as mining costs double post-halving

Bhutan transfers Bitcoin to trading firm

Bhutan sold over $22 million in Bitcoin this week through two separate transactions to QCP Capital. The country transferred 184.03 BTC worth $14.09 million on Wednesday, 4 February 2026. A second transfer of 100.82 BTC worth $8.31 million occurred on Friday, 30 January 2026. Arkham Intelligence, a blockchain analytics firm, verified both transactions through on-chain data.

Mining costs doubled after 2024 halving

Bhutan's Bitcoin mining costs nearly doubled since the 2024 halving event in April 2024. The halving reduced the block reward from 6.25 BTC to 3.125 BTC per block. Average cost of production per Bitcoin increased to $37,856 post-halving, with direct mining costs rising to $27,900 as of January 2026. The halving directly reduced miner revenue by cutting the amount of new Bitcoin awarded for validating transactions.

"From our observations, Bhutan periodically sells BTC in clips of around $50 million", 04 February 2026. — Arkham, Blockchain Analytics Firm

Bitcoin price fell 43% from October peak

Bitcoin reached an all-time high above $126,000 in early October 2025. The cryptocurrency then declined to around $70,000-$73,000 in early February 2026. Bitcoin briefly fell below $73,000 on 3 February 2026, with a recorded low of $72,884. The decline represents approximately 43% from the October 2025 peak price of $126,198.

Country reserves dropped to 5,700 Bitcoin

Bhutan's Bitcoin reserves fell from a peak of 13,295 BTC in October 2024 to 5,700 BTC as of February 2026. The decline reflects sustained sales of the country's Bitcoin holdings over 16 months. Bhutan manages its Bitcoin reserves through Druk Holding and Investments, the country's sovereign investment entity. The organization did not respond to media inquiries about the sales strategy.