Bhutan, a small Himalayan kingdom, has emerged as a significant player in the Bitcoin mining industry, holding over $780 million worth of BTC. This revelation comes from Arkham Intelligence, which identified 13,011 BTC owned by Bhutan, making it the fourth largest government holder of Bitcoin by value. Unlike other governments that might acquire Bitcoin through asset seizures, Bhutan’s cryptocurrency wealth stems from its own mining operations, powered by the country’s renewable energy sources.
The mining activities are managed by Druk Holdings, Bhutan’s investment arm, which has set up multiple mining facilities across the country. The most notable of these is located at the site of the former Education City project. The expansion of these operations was confirmed through a combination of on-chain activity analysis and satellite imagery, showing a significant increase in mining infrastructure since early 2023.
Bhutan’s commitment to Bitcoin mining was further solidified in May 2023 when Bitdeer, a global tech company, partnered with Druk Holding & Investments to establish a 100% carbon-free mining operation. This partnership aims to leverage Bhutan’s abundant hydropower resources, making its mining operations some of the most environmentally friendly in the world.
Earlier in the year, plans were announced to scale up mining capacity from 100 to 600 megawatts, highlighting Bhutan’s strategic move towards becoming a major hub for sustainable Bitcoin mining. This initiative not only positions Bhutan as an eco-conscious leader in cryptocurrency but also diversifies its economy through innovative use of its natural resources.
