South Asian country Bhutan, a Buddhist kingdom on the Himalayas’ eastern edge, has been revealed as a major Bitcoin holder, owning 13,011 BTC worth around $780.49 million, according to a report by Arkham Intelligence. This is the first time that this data has been made public.
“Bhutan is the 4th largest government with Bitcoin holdings on our platform, with over $750M in BTC,” Arkham stated On X. “Unlike most governments, Bhutan’s BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.”
Druk Holdings, the Kingdom’s investment arm is responsible for Bhutan’s Bitcoin mining. Arkham reports that the country built mining facilities on multiple sites. The largest was located at the site of the now-defunct Education City Project. Arkham noted that “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.”
Bitdeer will be launching its new product in May 2023. partnered with Druk Holding & Investments to develop the 100% carbon-free Bitcoin mining operation in Bhutan.
Bloomberg report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutan’s focus on eco-friendly mining is bolstered by its abundant hydropower resources, making it an ideal location for eco-friendly mining.
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Source: bitcoinmagazine.com