Bhutan’s Bitcoin Holdings Revealed: Kingdom Holds USD 780 Million in Mining BTC

The South Asian country of Bhutan, a Buddhist kingdom on the eastern edge of the Himalayas, has been revealed as a major holder of Bitcoin, holding 13,011 BTC worth approximately $780.49 million, according to a report by Arkham Intelligence. The public data company has identified Bitcoin addresses in Bhutan, marking the first time this information has been shared publicly.

RESULT: $750M BTC FROM BHUTAN GOVERNMENT NOW ON ARKHAM

Bitcoin holdings in Bhutan are now tagged on Arkham. These holdings come from the Bitcoin mining operations of the Kingdom of Bhutan’s investment arm, Druk Holdings.

Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F

— Arkham (@ArkhamIntel) September 16, 2024

“Bhutan is the fourth largest government with Bitcoin holdings on our platform, with over $750 million in BTC,” Arkham told X. “Unlike most governments, Bhutan’s BTC does not come from confiscations of law enforcement assets, but from Bitcoin mining operations, which have increased dramatically since early 2023”.

Arkham

Arkham

Bhutan’s Bitcoin mining operations are run by the Kingdom’s investment arm, Druk Holdings. According to Arkham, the country has built mining facilities in several locations, the largest being based on the defunct Education City project. Arkham also noted, “We were able to corroborate the timeline of chain mining activity with time-lapse satellite imagery of the facility’s construction.”

In May 2023, Bitdeer partnered with Druk Holding & Investments to develop the 100% carbon-free Bitcoin mining operation in Bhutan.

Earlier this year, a Bloomberg report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutan’s focus on green mining is supported by its abundant hydropower resources, making it an ideal location for green mining.