The Bitcoin assets of the Government of Bhutan amount to 13,036 BTC ($770 million). These addresses were tracked by experts from the analytics platform Arkham.
The country accumulated nearly a third of its GDP in digital gold through mining operations conducted by the state-owned fund Druk Holdings. Bhutan ranks fourth in the global list of countries with the largest government-held Bitcoin assets, according to Arkham.
“Unlike most authorities, Bhutan obtains BTC not through asset seizures by law enforcement but through mining, which has seen a significant increase since the beginning of 2023,” noted Arkham.
The government has built mining facilities in several locations, with the largest being a farm established in Gedu.
Earlier, Forbes conducted an investigation and discovered that the Kingdom of Bhutan has become a “crypto Shangri-La” thanks to the country’s government providing land, funding, and energy for Bitcoin mining.
It’s worth recalling that in July 2023, Bitdeer completed the construction of a Bitcoin mining facility in Gedu, Bhutan.
Cryptol – your source for the latest news on cryptocurrencies, information technology, and decentralized solutions. Stay informed about the latest trends in the digital world.