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Recent findings have disclosed that Bhutan, a Buddhist kingdom in South Asia, possesses 13,011 Bitcoins valued at approximately $780.49 million. This information was published by the public data company Arkham Intelligence, which revealed Bhutan’s Bitcoin 
$107,557 addresses for the first time.
Arkham Intelligence’s Report
Arkham Intelligence identified Bhutan’s Bitcoin addresses, highlighting the country’s cryptocurrency investments. The company stated that Bhutan ranks as the fourth largest holder of Bitcoin (government class) on its platform.
Arkham: “Bhutan is the fourth largest Bitcoin holder among countries on our platform, with over $750 million in BTC.”
Arkham: “Unlike most governments, Bhutan’s BTC does not stem from asset seizures by law enforcement but from increasing Bitcoin mining operations since early 2023.”
Druk Holdings and Mining Activities
Bhutan’s Bitcoin mining activities are managed by Druk Holdings, the country’s investment arm. According to Arkham, the country has established mining facilities in multiple locations. The government is also involved in mining operations outside Bhutan, notably in El Salvador.
Arkham: “We validated the timeline of mining earnings on-chain with time-lapse satellite images of facility construction.”
In May 2023, Bitdeer partnered with Druk Holding & Investments to develop 100% carbon-neutral Bitcoin mining operations in Bhutan. This collaboration supports the country’s goals for environmentally friendly mining.
A report earlier this year by Bloomberg revealed that Druk Holding & Investments and Bitdeer increased their mining capacity from 100 megawatts to 600 megawatts. Bhutan’s abundant hydroelectric resources provide an ideal environment for sustainable mining.
Bhutan’s substantial investment in Bitcoin mining underscores its commitment to economic diversification and technological advancement. With its plentiful hydroelectric resources, the country exemplifies how to conduct environmentally conscious cryptocurrency mining, positioning Bhutan uniquely in the crypto industry and setting an example for other nations.
