According to Cointelegraph: Bhutan, through its investment arm Druk Holdings (DHI), has accumulated more than 13,000 Bitcoin (BTC), surpassing El Salvador's Bitcoin stash, according to onchain analytics platform Arkham Intelligence. On Sept. 16, Arkham revealed that Bhutan holds 13,029 BTC, valued at approximately $758 million. This is more than double the 5,875 BTC held by El Salvador.

The data points to Bitcoin mining operations conducted by DHI, which also holds 656 Ether (ETH) and small amounts of BNB and Polygon. Arkham confirmed the mining activity by cross-referencing onchain data with satellite images of the mining facility construction at the site of the now-defunct Education City project.

Bhutan’s Bitcoin holdings, which represent about a quarter of the country's projected $3 billion GDP for 2024, date back to April 2019, when BTC was priced around $5,000. In May 2023, DHI partnered with Bitdeer to develop carbon-neutral mining operations in the country, and in 2024, they announced plans to increase Bhutan’s mining capacity to 600 megawatts by mid-2025.

In contrast, El Salvador began purchasing Bitcoin in September 2021 when prices were significantly higher, around $51,700. While the Central American nation holds 5,875 BTC valued at $331 million, its average acquisition cost of $43,900 results in an aggregate profit of 32.6%.

Both Bhutan and El Salvador leverage renewable energy for their Bitcoin mining activities—Bhutan through hydroelectric power and El Salvador via geothermal volcanic energy.