Wu said that according to Arkham monitoring, Bhutan is the fourth largest government in terms of Bitcoin holdings on its platform, holding a total of 13,011 Bitcoins, worth approximately $780.49 million. Unlike most governments, Bhutan's Bitcoin does not come from asset seizures by law enforcement, but from Bitcoin mining operations. Mining operations have increased dramatically since the beginning of 2023. It is reported that Bhutan has built Bitcoin mining facilities in multiple locations, the largest of which is located at the site of the now-closed Education City project.