Did Bhutan Sell 935 Bitcoins from Bitdeer Mining Partnership?
Earlier today, Bhutan's Bitdeer #Mining Partnership withdrew 935 bitcoins worth about $66 million to its #Binance account. Judging by the reaction, some people took the move as a preparation to sell the coins.
#Arkham Intelligence reports that the coins were withdrawn in two separate transactions worth $59.2 million and $7.3 million on Tuesday morning, shortly after the world's leading cryptocurrency crossed the $70,000 threshold.
a partnership between Jihang Oo-based mining giant Bitdeer and Druk Holding and Investments, a state-owned asset management company in Bhutan, has steadily increased #bitcoin mining since 2019. According to Arkham Intelligence, the partners have amassed 12,456 bitcoins worth about $890 million.
In comparison, El Salvador, which has boldly promoted bitcoin, had accumulated less than 6,000 bitcoins as of last month.
Bitdeer has quietly made bitcoin an increasingly important component of Bhutan's economy since Druk first began acquiring the currency through the partnership. Bitdeer has provided significant funding for the project, with initial estimates of its value in Arkham approaching $5,000 per coin.
Bitdeer's decision to go into bitcoin mining was largely due to the drop in tourism revenues due to the COVID-19 pandemic. More importantly, Bitdeer realized that the poor country's abundant hydropower resources could support large amounts of mining while maintaining environmental sustainability.
Indeed, Bitdeer has become an important part of Bhutan's economy, and according to local publication The Bhutanese, Bhutan has used bitcoin to fund a 50 percent salary increase for some government officials.
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