Bhutan is a great example of how Bitcoin mining can generate huge revenue. The country made $750M mining Bitcoin. Bitcoin (BTC), which was publicly condemned by government officials around the world, has become a very popular asset. Bitcoin is the cryptocurrency of choice in several developing nations.
Bhutan’s modest GDP, which is only $3 billion dollars, has taught other developing countries that Bitcoin mining improves economies. Arkham Intelligence reported that Bhutan held 13,029 BTC. It is estimated to be worth $758 million. Arkham is a small nation of less than 900,000. It claims to be home to the country’s fourth largest BTC.
Bhutan’s investment branch, Druk Holding and Investments, holds 13,029 BTC and 656 Ether. It also has some BNB and Polygon. Bhutan’s total crypto assets currently amount to $780 million.
What is the origin of Bhutan’s Bitcoin?
Bhutan reportedly started mining BTC The next April 2019 is approaching. The leading cryptocurrency, measured by its market capitalization at the time was valued at $5,000. The hydroelectric system was employed to accomplish this. In 2023 DHI and Bitdeer will team up with each other to launch carbon-free mines in the country. Arkham elaborated on this.
“Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. 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.”
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El Salvador is also one of the most prominent developing countries in South America that has a strong inclination towards BTC. El Salvador has not been able to catch up with other countries that are leading the Bitcoin movement. Nayib Bukele’s Bitcoin tracker data website The nation currently holds 45% of Bhutan’s holdings. It is approximately 5,875 BTC worth $331,000,000. El Salvador purchased Bitcoins when the price of Bitcoin was higher than Bhutan’s.
El Salvador, Bhutan and other countries in the developing world are set an example of just how effective Bitcoin is at helping struggling economies. The use of the currency is increasing as its price continues to increase. BTC could be used as a currency reserve by certain countries to hedge against the US dollar which has suffered in recent times.
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Source: watcher.guru