2 days ago
The Royal Government of Bhutan holds 13,029 Bitcoin (BTC), worthy astir $755 cardinal astatine existent prices, according to on-chain information gathered by Arkham Intelligence.
Additionally, wallets tied to the Himalayan kingdom clasp 656.013 Ethereum (ETH), worthy astir $1.5 million.
Fourth among governments
According to CoinGecko data, governments held 2.2% of Bitcoin’s proviso arsenic of August. The US was the largest holder, with 213,246 BTC, followed by China with 190,000 BTC.
Bhutan comes successful fourth, holding much Bitcoin than El Salvador’s 5,800 BTC arsenic of August extremity but little than the UK’s 61,000 BTC.
However, Bhutan’s Bitcoin holdings allegedly are not related to seizures executed by authorities, but alternatively to the Himalayan kingdom’s BTC mining efforts, conducted by the state-owned concern limb Druk Holding & Investments.
Bhutan’s mining history
Bhutan has been mining Bitcoin for respective years and initially kept its efforts secretive. In 2023, the state ramped up its Bitcoin mining efforts with 4 antithetic sites powered by hydroelectric plants.
On-chain information shows that the wallets tied to the Bhutan authorities started receiving BTC arsenic aboriginal arsenic February 2021.
In 2023, the Himalayan kingdom attracted the attraction of Bitcoin unreality mining and mining services institution Bitdeer Technologies Group, which announced a mining information halfway that started operating successful July past year.
In April, Bitdeer partnered with Druk Holding to boost Bhutan’s Bitcoin mining capabilities sixfold, arsenic reported by Bloomberg. As a result, mining capableness successful the portion volition beryllium boosted to 500 megawatts by the archetypal fractional of 2025.
The station Bhutan 4th largest Bitcoin holder among countries with 13,029 BTC stash appeared archetypal connected CryptoSlate.
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