Bhutan 4th Largest BTC Holder: Surpasses El Salvador
Bhutan 4th Largest Bitcoin Holder beats El Salvador with $780M
Bhutan, a small Buddhist kingdom nestled in the Himalayas, has become a significant force in the cryptocurrency world. According to recent data from Arkham Intelligence, the country now holds 13,011 Bitcoin (BTC), valued at approximately $780 million. This makes Bhutan the fourth-largest government holder of Bitcoin, surpassing nations like El Salvador. Unlike other countries, such as the U.S. and China, which obtained Bitcoin through legal seizures, Bhutan has actively invested in Bitcoin mining.
Bhutan Eco-Friendly Bitcoin Mining
What sets Bhutan apart from other Bitcoin holders is its unique approach to cryptocurrency mining. The country’s Bitcoin mining operations are managed by its investment arm, Druk Holdings, and are powered by the country’s abundant hydropower resources. This environmentally friendly energy source has allowed Bhutan to expand its mining activities significantly since early 2023.
In May 2023, Bhutan took a major step in enhancing its green mining capabilities by partnering with Bitdeer, a cryptocurrency mining company. Together, they are working towards creating a fully carbon-neutral Bitcoin mining operation. Their goal is to increase Bhutan’s mining capacity by 500 megawatts, increasing total capacity to 600 MW by 2025 making it one of the largest eco-friendly mining operations globally.
Bhutan’s Bitcoin Holdings and Global Financial Strategy
Bhutan’s foray into Bitcoin mining reflects a growing trend of governments investing in cryptocurrency as part of their financial strategies. While the U.S. leads the world with over $13 billion in seized Bitcoin, Bhutan’s eco-conscious mining approach distinguishes it from other nations. With Bitcoin holdings worth around 25% of its gross domestic product (GDP), which is projected to reach $3 billion by the end of 2024, Bhutan’s involvement in the crypto world is both significant and strategic.
Bhutan has twice as much Bitcoin as El Salvador
El Salvador, which made headlines for adopting Bitcoin as legal tender in 2021, holds significantly fewer Bitcoin compared to Bhutan. With 5,875 BTC, valued at $331 million, El Salvador’s Bitcoin holdings are just 45% of Bhutan’s. While both nations utilize renewable energy—El Salvador with geothermal volcanic energy and Bhutan with hydropower—Bhutan’s larger mining capacity and earlier entry into the market position it as a more substantial player in the global Bitcoin space.
Also Read: Bitcoin Mining Revenue Hit 11-Month Low Amid Rising Difficulty
