Bhutan is a Buddhist country that is perched on the eastern edge of the Himalayas, and this country has been found to be a substantial holder of Bitcoin-it holds 13,011 BTC valued at about $780.49 million.
This follows from Arkham Intelligence, and it marks the first time identification of Bhutan’s Bitcoin addresses, really illustrating how deep into the cryptocurrency space the country is involved.
Tiny Himalayan Kingdom Bhutan Holds Massive $780M in Bitcoin
According to Arkham, Bhutan counts as the fourth-largest government-holding Bitcoin with over $750 million in BTC. Unlike a number of governments around the world, Bhutan’s Bitcoin supply is not derived from law enforcement seizures, but rather through its rapidly expanding Bitcoin mining operations, which have increased substantially since early 2023. Bhutan’s Bitcoin mining operations are overseen by its investment arm Druk Holdings.
Mining activities reportedly have begun at several locations, including the most extensive one on the grounds of the defunct Education City project site. The same timeline of mining activities was able to be cross-verified with on-chain data by Arkham Intelligence, while satellite images documented the development of mining infrastructure.
Bitdeer teamed up with Druk Holding & Investments in May 2023 to create Bhutan’s first 100% carbon-neutral Bitcoin mining operation. This year, Bloomberg outlined the plans by the tandem to raise this mining capacity from 100 to 600 megawatts. In the field of green mining, Bhutan is active, supported by rich hydropower, which cements its status as a destination for clean crypto mining.
Beyond El Salvador: The Unexpected Nations Hoarding Bitcoin
Some of the countries that have become prominent Bitcoin holders around the world include their governments seizing and acquiring large portions of the cryptocurrency through various law enforcement efforts and strategic initiatives. First on the list is the United States of America, with a total of 207,189 BTC worth over $13.4 billion. This stash has been made mainly through seizures in criminal cases since 2020 and reflects the strong legal framework of the country in dealing with illegal digital assets.
In the second position comes China, with around 190,000 BTC worth about $12.6 billion, obtained through the confiscation of funds from the PlusToken Ponzi scheme. This large seizure underlines the capability of China in recovering the assets from fraudulent schemes.
The United Kingdom holds over 1.3 million BTC, with an estimation of 61,000 BTC still in their hands, worth approximately $3.9 billion. This large chunk of crypto is a pretty good indicator of the UK’s strength in tracking down and confiscating illicit cryptocurrency assets.
Ukraine has 46,351 BTC and has used crypto seizures as a tool in its broader fight against corruption, seizing assets such as $1.5 million worth of crypto from former officials. Although El Salvador, being far smaller as a holder than the two countries above, has made headlines by adopting Bitcoin as legal tender, is currently holding 5,748 BTC whose holdings have grown to $397 million thanks to favorable market conditions.
Bhutan: The Unexpected Bitcoin Mining Powerhouse
Surprisingly, in this regard, Bhutan comes out as the fourth-largest government holder of Bitcoin. Druk Holdings, the investment arm for Bhutan, maintains the wallets holding 13,011 BTC, primarily accrued through mining Bitcoin with an eco-friendly touch due to abundant hydropower resources.
Targeting strategic foci on sustainable mining makes this small Himalayan nation one of the leading names in the global Bitcoin market. It is these countries that have been continuously accumulating their Bitcoin reserves, hence their holdings, which now signal a rising presence of cryptocurrency in global financial systems.
The post Bhutan Emerges as 4th Largest Government Bitcoin Holder appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed