Bhutan Accumulates $780 Million in Bitcoin Through Mining, Nearly a Third of its GDP
According to data from on-chain analytics platform Arkham, Bhutan, a landlocked country located between India and China, has accumulated 13,029 Bitcoin through its mining operations run by state-owned investment firm Druk Holdings. This stash is worth over $780 million, nearly a third of the country's GDP, making Bhutan the fifth-largest Bitcoin holder globally.
It is worth noting that unlike most countries, these Bitcoins do not stem from asset seizures by law enforcement. Arkham stated in an X (formerly Twitter) post:
“Bhutan has built Bitcoin mining facilities in multiple locations, the largest of which is located at the site of a defunct education city project. Unlike most governments, Bhutan’s Bitcoin is not derived from law enforcement asset seizures, but from Bitcoin mining operations, which have grown significantly since early 2023.”
BREAKING: BHUTAN GOVERNMENT’S $750M BTC NOW ON ARKHAM
Bhutan’s Bitcoin holdings are now labeled on Arkham. These holdings come from Bitcoin mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@ArkhamIntel) September 16, 2024
According to CoinDesk reporting, these mining farms are likely linked to mining giant Bitdeer, which announced a partnership with the Bhutanese government in 2023 to establish cryptocurrency mining operations in Southeast Asia. Bitdeer raised over $500 million for this project. Shortly after, Bitdeer announced the completion of a 100-megawatt (MW) facility, the first phase of the project. In April 2024, Bitdeer also revealed plans to expand Bhutan's mining capacity to 600 MW by 2025.
Bhutan's economy relies on hydropower, tourism, and agriculture for income. In 2022, Bhutan's GDP was less than $3 billion, about half that of the Maldives. However, Druk Holdings is actively pursuing investments in various sectors to expand the country's financial revenue. The company website states that "digital assets" are one of its key focus areas in its technology-driven investment strategy, alongside hydropower projects and the metaverse.
