- Bhutan sells 929 BTC for $66M on Binance, keeping 12,456 BTC as Bitcoin hits $71K, highlighting their strategic crypto moves.
- Bhutan’s DHI taps hydropower to mine Bitcoin on a former $1B site, turning an old project into a major digital asset hub.
- Amid economic recovery, Bhutan leverages crypto, making it South Asia’s top Bitcoin holder with a focus on resilient digital assets.
The Royal Government of Bhutan recently transferred 929 BTC, valued at $66.16 million, to Binance during a market upswing. This decision signals a strategic move as Bitcoin continues its price rally above $71,000. Bhutan’s government wallet, managed by Druk Holding and Investments (DHI), still holds 12,456 BTC—valued at around $886.58 million—securing its position as one of the largest Bitcoin holders globally.
Besides Bitcoin, DHI’s wallet contains Ethereum and other assets like BOBO, SAND, MATIC, and BNB, although Bitcoin remains its dominant asset. This BTC transfer has raised questions across the crypto community, given the bullish trend and Bhutan’s recent ascension in Bitcoin rankings. Last month, Bhutan overtook El Salvador, becoming South Asia’s largest Bitcoin holder.
Mining and Infrastructure Investment
Significantly, Bhutan’s substantial Bitcoin reserve stems from mining operations. DHI reportedly utilizes the country’s ample hydroelectric resources to mine Bitcoin, establishing its primary mining facility on a site intended for the “Education City” project.
This $1 billion venture was initially planned as an international education hub but was later abandoned due to scandals. The mining site is hidden within mountainous terrain but features infrastructure like transformers and power lines, confirming its purpose.
Additionally, Arkham Intelligence verified DHI’s activity through blockchain data and satellite imagery, which pinpointed the former Education City site as Bhutan’s mining hub. The government commenced construction on the site in December 2021, marking a pivot from traditional projects to digital asset investments.
Strategic Motivation Behind Bitcoin Mining
The government’s interest in Bitcoin mining developed during the COVID-19 pandemic. Bhutan, facing economic challenges, saw Bitcoin mining as an alternative revenue source. DHI, managing various sectors like hydroelectric plants, Bhutan’s national airline, and a cheese factory, hasn’t disclosed specifics on mining profits, but its Bitcoin reserves demonstrate important growth.
Moreover, this recent Bitcoin sale suggests Bhutan’s strategy to capitalize on market peaks while bolstering its cryptocurrency reserves. Although the Ministry of Finance has refrained from commenting, DHI’s mining initiative reflects Bhutan’s shift towards diversified digital assets, enhancing its economic resilience. Consequently, the country’s crypto activities have secured it a prominent position in the global cryptocurrency.
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