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The Small Country Quietly Mining Massive Amounts Of Bitcoin

September 16, 2024
x min read
The Small Country Quietly Mining Massive Amounts Of Bitcoin

A small country in South Asia is building an enormous Bitcoin position. And they aren’t showing any signs of slowing down.

What’s happening:

  • The government of Bhutan now owns more than $700M USD worth of Bitcoin which were earned through Bitcoin mining operations within the country that were established by their investment arm Druk Holding and Investment

Why it matters:

  • Bhutan is a very small country located in South Asia on the eastern edge of the Himalayas who has launched one of the most successful government led Bitcoin mining operations for the purpose of acquiring Bitcoin to hold as an asset
  • Unlike most other countries who own significant amounts of Bitcoin, Bhutan has not acquired their Bitcoin holdings through law enforcement or asset seizures

By the numbers:

  • Bhutan now is the 4th largest holder of Bitcoin amongst countries, behind just the United States, China and the United Kingdom
  • The total population of Bhutan is less than 800,000
  • Global governments cumulatively hold about 2% of all existing Bitcoin currently in circulation

Going deeper:

The intrigue:

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