The Royal Government of Bhutan currently possesses an impressive 13,029 Bitcoin (BTC), valued at approximately $755 million based on recent market rates. This information comes from on-chain data provided by Arkham Intelligence.
Additionally, Bhutan’s wallets contain 656.013 Ethereum (ETH), with a current value of around $1.5 million.
Bhutan’s Position Among Global Governments
As of August, CoinGecko data reveals that governments collectively hold 2.2% of the total Bitcoin supply. The United States leads with 213,246 BTC, followed by China, which holds 190,000 BTC.
Notably, Bhutan ranks fourth in government Bitcoin holdings, surpassing El Salvador, which holds 5,800 BTC, but trailing behind the United Kingdom’s 61,000 BTC.
Importantly, the Bitcoin reserves of Bhutan are reportedly not a result of governmental seizures, but rather stem from the country’s initiative in Bitcoin mining, primarily conducted by Druk Holding & Investments, the state-owned investment company.
Bhutan’s Bitcoin Mining Endeavors
Bhutan has engaged in Bitcoin mining for several years, initially maintaining a low profile regarding its activities. In 2023, the country intensified these mining operations across four sites powered by hydroelectric energy.
On-chain analysis indicates that official government wallets began accumulating Bitcoin as early as February 2021.
The spotlight on Bhutan’s mining capabilities grew in 2023 when Bitdeer Technologies Group, specializing in Bitcoin cloud mining, announced the launch of a mining data center in July. This partnership has significantly enhanced Bhutan’s mining efficiency.
In April, Bitdeer and Druk Holding collaborated to amplify Bhutan’s Bitcoin mining capabilities by 600%. According to a report by Bloomberg, this collaboration is set to increase mining capacity to an impressive 500 megawatts by mid-2025.
Key Takeaways
- Bhutan holds over 13,000 BTC and 656 ETH.
- Ranks fourth among governments in Bitcoin holdings.
- Engaged in Bitcoin mining since at least 2021.
- Partnership with Bitdeer Technologies to enhance mining output.
