The Royal Government of Bhutan has made a significant move by sending 929 BTC to the cryptocurrency exchange Binance.

🔹 According to data from Arkham Intelligence, a wallet linked to the Bhutanese government transferred BTC worth approximately $66.16 million through two transactions on October 29.

🔹 Currently, Bhutan holds 12,456 BTC, equivalent to nearly $891 million. The motive behind this transfer remains unclear, but it is often related to plans to sell assets.

🔹 This is the first time Bhutan has sent bitcoin to an exchange since sending 381 BTC to Kraken in July. Previously, the wallet linked to this country transferred 228.8 ETH to Binance's hot wallet.

🔹 Bhutan has been mining bitcoin since 2017 and has partnered with Bitdeer to develop carbon-neutral mining operations. Bhutan is now the fifth largest holder of BTC in the world.

🔹 Funds from bitcoin mining have helped finance salary increases for some government officials, addressing the decline in tourism revenue due to the COVID-19 pandemic.

🌍 Bhutan is leveraging its abundant hydropower resources to carry out sustainable mining activities.