Bhutan Bitcoin Holdings Crosses $1 Billion, Accounts for 39% of Its Total GDP
The Himalayan nation holds over 12,206 Bitcoins, placing it among global leaders in cryptocurrency reserves by leveraging its abundant hydroelectric resources to mine Bitcoin sustainably
Bhutan, made headlines as its Bitcoin holdings crossed $1 billion accounting for some 39% of its total GDP. Furthermore, this staggering figure now makes the country among the top 5 nations with the highest Bitcoin holdings as its national reserve.
As of November 2024, Bhutan holds 12,206 Bitcoins valued at approximately $1.14 billion. This places Bhutan as the fifth-largest Bitcoin-holding country globally, after the United States, China, the United Kingdom, and Ukraine.
Bhutan Peer with Top Bitcoin Holders Via Mining
Bhutan actively mines the cryptocurrency using its plenteous hydroelectric resources, unlike these other nations where Bitcoin is most often obtained through asset seizures.
In September 2023, Bhutan’s holdings were reported at 13,011 BTC, worth $780.49 million at the time, making it the fourth-largest Bitcoin holder. The nation continues to hold a significant stash of Bitcoin, capitalizing on the cryptocurrency’s ongoing bull run.
Bhutan began mining Bitcoin in 2021, leveraging its hydroelectric power from the Himalayan rivers. The low electricity costs and sustainable energy sources provide the country with an advantage in mining operations.
Meanwhile, they are making efforts to mine significantly better. In collaboration with Bitdeer, a leading mining infrastructure company, Bhutan aims to expand its mining capacity to 600 megawatts by 2025. This initiative hopes to strengthen its position in the global cryptocurrency landscape.
Cryptocurrency Strategy Mirrors Other Power House
Bhutan’s journey mirrors the example of El Salvador, the first country to adopt Bitcoin as legal tender in 2021. While El Salvador’s Bitcoin investment has surpassed $550 million, Bhutan’s holdings now exceed $1 billion, showing Bhutan’s commitment to growing its digital assets reserves.
Bhutan’s government has started moving its quietly accumulated Bitcoin holdings as the price soared above the key $70,000 level.
Last month, the Bhutan government custodian wallet transferred over $66 million worth of Bitcoin to a Binance deposit wallet. The move suggests it plans to sell the BTC on the world’s largest cryptocurrency exchange.
About $66 million was transferred out of their reserves in two transactions on Oct. 29, according to Arkham Intelligence data.
The country’s positive approach to Bitcoin mining and investment underscores its commitment to leveraging emerging technologies for economic growth.
