Bhutan has constructed Bitcoin mining facilities in multiple locations, with the largest being on the site of the now-defunct Education City project. Unlike most governments, Bhutan's BTC does not come from law enforcement asset seizures, but from Bitcoin mining operations, which have ramped up dramatically since early 2023.
Bhutan's investment in digital assets is part of a broader strategy by Druk Holdings to diversify revenue streams, with recent wallet activity showing both deposits and withdrawals, including significant transactions with exchanges like Kraken.
A picturesque landlocked nation between India and China has amassed bitcoin (BTC) holdings worth over $780 million in the past few years, nearly one-third of its gross domestic product (GDP) and the fourth-largest state-owned stash, according to on-chain analytics tool Arkham.
In 2023, the Singapore-based company Bitdeer announced plans to work with the Bhutan government to establish cryptocurrency mining operations, raising over $500 million for the venture and building a 100 megawatt facility.
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