Bhutan holds 13,011 BTC worth $750M, becoming the fourth-largest government Bitcoin holder through eco-friendly mining.
Bhutan’s Druk Holdings ramps up Bitcoin mining using hydropower, expanding capacity to 500MW by 2025 through Bitdeer partnership.
Unlike the US and China, Bhutan’s Bitcoin comes from eco-friendly mining, not seizures, signaling a sustainable crypto strategy.
Bhutan's government has come to light as a Bitcoin owner, amassing 13,011 BTC, or almost $750 million. This happened after findings by Arkham Intelligence uncovered that the mining activities, and not asset seizures, formed the source of the Himalayan kingdom's Bitcoin hoard. In terms of the quantity of Bitcoin held by the government, Bhutan is now ranked fourth in the world.
https://twitter.com/ArkhamIntel/status/1835712533854118072 Green Bitcoin Mining Practices
The nation's Bitcoin mining activities are managed by Druk Holdings. This company has expanded the range of its operations as of 2023. The government has utilized ample hydropower to build mining centers for Bitcoin mining with ecological sensitivity.
Situated on the former grounds of the Education City project, this was the largest of these locations. Furthermore, because of its collaboration with Bitdeer, which has expanded its mining capacity to 500 megawatts, Bhutan will produce more Bitcoin overall by 2025.
Moreover, Bhutan stands out from other major government holders like the US and China, who obtained their Bitcoin through law enforcement seizures. Consequently, Bhutan’s focus on sustainable mining differentiates its Bitcoin accumulation strategy from that of other nations. Additionally, the country is strategically positioned to leverage hydropower, reducing the environmental impact of mining operations.
Future of Bhutan’s Bitcoin and Global Implications
Governments worldwide are increasingly intersecting with Bitcoin. For example, the US remains the largest government Bitcoin holder, with over 207,000 BTC seized from illegal operations. China follows closely, having seized 190,000 BTC from fraudulent schemes like the PlusToken Ponzi.
Bhutan has made a name for itself in the global Bitcoin market thanks to its innovative methods of sustainable mining and ecologically friendly methods of Bitcoin accumulation.
The fact that Bhutan moved to increase its mining capacity suggests that the country wants to stockpile more digital assets. Even though Bhutan does not seem ready to dump its cryptocurrency supplies, its future in cryptocurrencies remains one of the intriguing features of the greater Bitcoin market.
A diffusion between national governments and cryptocurrencies, therefore, represented a remarkable transition for the world's financial system. In this changing landscape of cryptocurrency, an ecologically sensitive approach to Begnin's way of Bitcoin acquisition could place Bhutan in the position of a leader.
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