"Bhutan's strategic development arm, Druk Holding and Investments, oversees the country's Bitcoin mining operations, which began around 2019-2020, utilizing cheap hydropower resources. At its peak, Bhutan held an estimated 13,000 BTC, valued over $1.4 billion, representing about 40% of the nation's GDP."
"Recent transactions indicate a significant reduction in Bhutan's Bitcoin holdings, with current estimates around 4,452.799 BTC, or roughly $319 million. The country has liquidated over $110 million in Bitcoin this year, reflecting a shift in mining output and economic conditions."
"The April 2024 Bitcoin halving has compressed mining margins, leading to reduced output. Competing domestic energy demands and higher operational costs have altered the economics of Bhutan's Bitcoin mining operations, despite the availability of extensive hydropower resources."
Bhutan's government-controlled wallet has been flagged for transferring significant Bitcoin amounts, with current holdings around 4,452.799 BTC valued at approximately $319 million. The country began accumulating Bitcoin around 2019-2020, leveraging cheap hydropower for mining. However, after a series of liquidations exceeding $110 million this year, the mining output has declined due to the April 2024 Bitcoin halving and increased operational costs. The government has maintained a low profile regarding its Bitcoin program, executing transactions through QCP Capital's OTC desk to minimize market impact.
Read at news.bitcoin.com
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