Bhutan holds 13,011 BTC, valued at $780 million, sourced from its eco-friendly mining operations, not from asset seizures.
Bhutan’s Bitcoin mining is managed by Druk Holding & Investments and uses the country’s hydropower resources for carbon-free operations.
In partnership with Bitdeer, Bhutan plans to expand its mining capacity from 100 to 600 megawatts, boosting its eco-friendly Bitcoin production.
According to Arkham Intelligence data, Bhutan has Bitcoin assets totaling 13,011 BTC, worth roughly $780.49 million. Bhutan is a monarch country in South Asia. This is the first time such information has been made public, and the country now ranks 4th in the world's largest government Bitcoin holdings.
https://twitter.com/ArkhamIntel/status/1835712533854118072
Bhutan's Bitcoin holdings result from its own mining activities, unlike other countries that acquire holdings through confiscated assets. Since early 2023, mining operations have increased and are overseen by Druk Holding & Investments, the Kingdom's investment arm.
Arkham Intelligence discovered several mining sites in the country, with the largest facility being on the grounds of the abandoned Education City project.
Bhutan Bitcoin Mining Operations
Bhutan uses its rich hydroelectric resources to power a carbon-free mining industry. This strategy is consistent with Bhutan's overall environmental goals and has intrigued the interest of major bitcoin corporations.
Bitdeer formed a partnership with Druk Holdings & Investments in May 2023 to expand its mining operations. This partnership is set to increase the mining capacity in the country. The mining operation began at 100 megawatts and is expected to reach 600 megawatts in the future.
Growth in Mining Capacity
Bhutan is rapidly expanding into the cryptocurrency industry, as demonstrated by its engagement with Bitdeer. Earlier this year, publications highlighted how the country was developing its mining infrastructure. The scaling efforts are part of a larger aim to boost the nation's Bitcoin holdings while using renewable energy to reduce environmental impact.
Bhutan's distinct approach puts it as a prominent player in the global Bitcoin mining business, contributing to both its financial reserves and its sustainable energy objectives.
The post Bhutan’s Secret $780M Bitcoin Fortune Uncovered: 13,011 BTC from Eco-Friendly Mining Operations appeared first on Crypto News Land.
