According to Cointelegraph, the South Asian country of Bhutan holds 13,029 BTC, worth about $758 million, more than El Salvador. Arkham Intelligence pointed out that these BTC come from the Bitcoin mining business of Druk Holdings (DHI), a Bhutanese investment institution. DHI also holds 656 ETH, worth about $1.5 million, as well as a small amount of BNB and Polygon (MATIC).
Bhutan’s GDP is expected to reach $3 billion by the end of 2024, which means its BTC holdings account for about a quarter of GDP. Local media reported that Bhutanese officials confirmed that they began using hydropower for Bitcoin mining in April 2019.
In May 2023, DHI partnered with Bitdeer to develop carbon-neutral mining operations in Bhutan. In April 2024, they announced an upgrade plan to increase Bhutan’s mining capacity to 600 MW by the first half of 2025.
In contrast, El Salvador has been buying Bitcoin since September 2021 and currently holds 5,875 BTC, worth $331 million, or about 45% of Bhutan’s holdings. El Salvador uses geothermal energy for Bitcoin mining.
