The South Asian nation of Bhutan, a Buddhist kingdom on the eastern edge of the Himalayas, has been revealed to be the world’s largest holder of bitcoin, holding 13,011 bitcoins worth $780.49 million, according to a report from Arkham Intelligence. The public data firm has identified bitcoin addresses in Bhutan, marking the first time such information has been shared publicly.
“Bhutan is the fourth largest government holding Bitcoin on our platform, with over $750 million in Bitcoin,” Arkam Stated Unlike most governments, Bitcoin in Bhutan does not come from asset seizures by law enforcement, but from Bitcoin mining operations, which have increased dramatically since early 2023.
Bitcoin mining activities in Bhutan are managed by the kingdom’s investment arm, Druk Holdings. According to Arkham, the country has established mining facilities in multiple locations, with the largest being on the grounds of the stalled Education City project. Arkham also noted that “we were able to verify the timeline of on-chain mining activity through time-lapse satellite imagery of the facility’s construction.”
In May 2023, Bitdeer partnered with Druk Holding & Investments to develop a 100% carbon-free Bitcoin mining operation in Bhutan.
Earlier this year, Bloomberg published a report a report Druk Holdings and Investments and Bitdir have announced the expansion of their mining capacity from 100 to 600 MW. Bhutan’s focus on green mining is complemented by its abundant hydropower resources, making it an ideal location for green mining.