🏔️ Here's what you need to know! 💰
Bhutan is making waves in the cryptocurrency world as it surpasses El Salvador in Bitcoin (BTC) holdings. According to Arkham Intelligence, Bhutan now holds over 13,000 Bitcoin, more than double the 5,875 BTC held by El Salvador. This surprising development highlights the small Himalayan nation's strategic investment in Bitcoin through its investment arm, Druk Holdings and Investments (DHI).
💡 Bhutan's Hidden Bitcoin Fortune
Arkham's analysis revealed that Bhutan holds 13,029 BTC, valued at approximately $758 million. This is a substantial portion of the country's projected 2024 GDP, representing about 25%. Bhutan's Bitcoin investments date back to April 2019, when BTC was priced around $5,000. This long-term approach has positioned Bhutan as a key player in the Bitcoin space, despite being a relatively quiet participant until now.
In contrast, El Salvador, the first country to adopt Bitcoin as legal tender, holds 5,875 BTC, valued at $331 million. However, El Salvador's average acquisition cost of $43,900 results in a profit of 32.6%, as Bitcoin has increased in value since the country's first purchase in September 2021.
🔋 Sustainable Bitcoin Mining
One of the most remarkable aspects of Bhutan’s Bitcoin accumulation is its focus on sustainable mining. Bhutan relies on hydroelectric power to fuel its mining operations, making its Bitcoin mining activities carbon-neutral. Bhutan’s partnership with Bitdeer aims to expand its mining capacity to 600 megawatts by mid-2025, further strengthening its position in the cryptocurrency world.
Similarly, El Salvador leverages geothermal energy from its volcanoes to power its Bitcoin mining facilities, emphasizing renewable energy to support its Bitcoin operations.
📊 Bhutan's Strategic Move into Bitcoin Mining
What’s particularly interesting is Bhutan's strategic entry into Bitcoin mining, a move that few nations have embraced at this scale. DHI, Bhutan's sovereign investment firm, has also accumulated 656 ETH along with small amounts of BNB and Polygon. The country’s commitment to mining is evidenced by its mining facility, which has been cross-referenced with satellite images by Arkham Intelligence, confirming Bhutan’s mining activities.
Bhutan’s approach to Bitcoin mining, coupled with its sustainable energy resources, sets the nation apart from other players in the crypto mining space. As Bhutan continues to increase its mining operations, it may further solidify its position as a top Bitcoin holder.
🔍 Looking Ahead
With twice as much Bitcoin as El Salvador, Bhutan's holdings are a significant development in the global Bitcoin landscape. As both nations leverage their renewable energy resources for mining, they continue to showcase the potential of combining sustainability with cryptocurrency investment.
As Bhutan continues to accumulate and mine Bitcoin, it will be interesting to see how this will impact the nation’s economy and the broader crypto market. Could Bhutan become the next crypto hub? Only time will tell.
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