Kingdom

Bitcoin

Arkham

As interest in Bitcoin (BTC) and other cryptocurrencies continues to grow, more governments are beginning to adopt crypto assets. Among the countries diversifying their reserves with cryptocurrency investments is Bhutan, a small nation in South Asia. It has been revealed that Bhutan is accumulating a portion of its national wealth through Bitcoin mining. 
<h2 id="bhutan-s-crypto-wealth-unveiled">Bhutan’s Crypto Wealth Unveiled</h2> 
According to a report by blockchain analytics firm Arkham Intelligence, the Kingdom of Bhutan holds approximately 13,011 BTC, valued at around $780.49 million. This revelation makes Bhutan the fourth-largest government in the world in terms of Bitcoin reserves. The report has sparked significant attention internationally as Bhutan’s crypto holdings come to light. 
Bhutan’s Bitcoin address was first identified, and it is reported that the country acquired its BTC through Druk Holdings, which is under state control. Druk Holdings, Bhutan’s investment and development agency, plays a key role in accumulating these crypto assets, primarily through mining operations. 
<img loading="lazy" decoding="async" class="alignnone size-full wp-image-15093" src="https://www.turkishnyradio.com/wp-content/uploads/2024/09/cryptocurrency-news-article-about-Bhutans-large-Bitcoin-reserves-and-its-unique-Bitcoin-mining-practices-The-im.webp" alt="cryptocurrency news article about Bhutans large Bitcoin reserves and its unique Bitcoin mining practices The im" width="1792" height="1024" title="This Country Surprises: Holds More Bitcoin Than El Salvador! 20" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/09/cryptocurrency-news-article-about-Bhutans-large-Bitcoin-reserves-and-its-unique-Bitcoin-mining-practices-The-im.webp 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/cryptocurrency-news-article-about-Bhutans-large-Bitcoin-reserves-and-its-unique-Bitcoin-mining-practices-The-im-768x439.webp 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/09/cryptocurrency-news-article-about-Bhutans-large-Bitcoin-reserves-and-its-unique-Bitcoin-mining-practices-The-im-1536x878.webp 1536w" sizes="(max-width: 1792px) 100vw, 1792px"> 
<h2 id="strategic-investment-through-bitcoin-mining">Strategic Investment Through Bitcoin Mining</h2> 
While several countries hold Bitcoin, Bhutan’s method of acquiring it sets it apart. Most governments typically gain crypto assets through seizures made by law enforcement. However, Bhutan has been steadily accumulating BTC through mining operations. Since early 2023, these mining activities have significantly increased the country’s crypto holdings. Although Bitcoin mining is energy-intensive, Bhutan’s access to natural energy resources, particularly hydropower, provides an eco-friendly means of supporting mining activities. 
Bhutan is well-known for its abundant hydroelectric resources, which provide a continuous and sustainable energy source for Bitcoin mining. This unique advantage allows Bhutan to engage in mining operations in a more environmentally friendly manner. 
<h2 id="how-has-bitcoin-impacted-bhutan-s-economy">How Has Bitcoin Impacted Bhutan’s Economy?</h2> 
Bhutan’s Bitcoin reserves are equivalent to about one-third of the country’s Gross Domestic Product (GDP). This figure illustrates the scale of Bhutan’s investment in cryptocurrencies and the importance the country places on this growing sector. For a nation with a relatively small traditional economy, such a significant Bitcoin holding is a key strategic move, contributing to Bhutan’s economic diversification. 
Bhutan’s pivot towards Bitcoin mining can also be seen as a step towards reducing the country’s dependency on external financial systems. As the value of its crypto assets rises, Bhutan could strengthen its position in international financial markets. Furthermore, the integration of cryptocurrency into Bhutan’s economy may signify the country’s search for innovative financial solutions.

This Country Surprises: Holds More Bitcoin Than El Salvador!

Table of Contents

TNYR

Other articles published on Sep 17, 2024

Bitcoin Exchange OKX Shares New Altcoin Listing Announcement!

ApeCoin Launches BluePrint Initiative to Enhance ApeChain with New Tools and Content

Coinpedia Fintech News

Congressmen Emmer and McHenry come after SEC, Gensler for labeling airdrops as securities

Binance vs. WazirX: War of Words Escalates Over $235 Million Hack

Chainlink and Fireblocks Forge Alliance to Revolutionize Stablecoin Issuance

Join our free newsletter for daily crypto updates!