Blogs & Articles: Bhutan’s $780 Million Bitcoin Fortune From Mining Comes To Light 🔗 3 days ago
- Category: Blogs & Articles | BTC Times
- Author(s): Deniz Saat
- Published: 16th September 2024 21:35
Bhutan, a country in South Asia on the eastern edge of the Himalayas, has become a notable Bitcoin holder.
A report by Arkham Intelligence states that the nation holds 13,011 Bitcoin, currently valued at approximately $780.49 million.
This marks the first public identification of Bhutan's Bitcoin addresses by a data analytics firm.
Arkham announced on X that Bhutan ranks as the fourth-largest government holder of Bitcoin in their records, with holdings exceeding $750 million.
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
— Arkham (@ArkhamIntel) September 16, 2024
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
Unlike some other governments that acquire Bitcoin through asset seizures, Bhutan's holdings come from its own mining operations, which have increased since early 2023.
The country's Bitcoin mining activities are managed by Druk Holding & Investments, the government's investment arm.
According to Arkham, multiple mining facilities have been established across Bhutan, with the largest located on the site of the former Education City project.
The firm confirmed the timeline of these mining operations by analyzing time-lapse satellite imagery of the facilities' construction.
Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project.
— Arkham (@ArkhamIntel) September 16, 2024
We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction. pic.twitter.com/mS6iE8DmTc
In May 2023, Druk Holding & Investments partnered with Bitdeer to develop a carbon-neutral Bitcoin mining operation within Bhutan.
Earlier in the year, a Bloomberg report revealed plans to expand their mining capacity from 100 megawatts to 600 megawatts.
Bhutan's abundant hydropower resources support its eco-friendly mining initiatives, making it a suitable location for sustainable Bitcoin mining.
