According to a report by Arkham Intelligence, Bhutan, a South Asian country and a Buddhist kingdom on the eastern edge of the Himalayas, is one of the largest bitcoin holders, holding 13,011 btc worth approximately $780.49 million. The public data firm identified Bhutan’s bitcoin addresses, marking the first time this information has been shared publicly.
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BREAKING: THE BHUTAN GOVERNMENT'S $750 MILLION IN btc IS NOW IN ARKHAM
Bhutan's bitcoin holdings are now tagged on Arkham. These holdings come from bitcoin mining operations run by the Kingdom of Bhutan's investment arm, Druk Holdings.
Arkham is the first to publicly identify these… image.twitter.com/a8ScUNJJ9F
– Arkham (@ArkhamIntel) twitter.com/ArkhamIntel/status/1835712533854118072?ref_src=twsrc%5Etfw”>September 16, 2024
“Bhutan is the fourth largest government holding bitcoin on our platform, with over $750 million in btc,” Arkham said. x.com/ArkhamIntel/status/1835712537436025314″>fixed about x. “Unlike most governments, Bhutan's btc does not come from asset seizures by law enforcement, but from bitcoin mining operations, which have increased dramatically since early 2023.”
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x.com/ArkhamIntel/status/1835712537436025314″>arkham
bitcoin mining activities in Bhutan are carried out by the Kingdom's investment arm, Druk Holdings. According to Arkham, the country has built mining facilities at several sites, with the largest of these being on the grounds of the defunct Education City project. Arkham further noted, “We were able to corroborate the chronology of on-chain mining activity with satellite imagery of the construction of the facilities.”
In May 2023, Bitdeer partnered with Druk Holding & Investments to develop a 100% carbon-free bitcoin mining operation in Bhutan.
Earlier this year, a Bloomberg report bitcoin–btc-mining-in-himalayas-as-halving-looms?srnd=undefined”>report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutan’s interest in green mining is reinforced by its abundant hydroelectric resources, making it an ideal location for green mining.
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