Bhutan’s investment subsidiary, Druk Holdings, possesses over 13,000 BTC, which is more than double El Salvador’s holdings.
Bhutan, a South Asian nation, is purportedly a significant Bitcoin bearer, possessing an even greater quantity of the cryptocurrency than El Salvador.
On Sept. 16, Arkham Intelligence, a onchain analytics platform, identified a collection of addresses that held 13,029 BTC (approximately $758 million). The platform claimed to be the first to publicly disclose Bhutan’s Bitcoin holdings.
Druk Holdings (DHI), the investment branch of the Kingdom of Bhutan, is responsible for the Bitcoin mining operations that generate these holdings.
Additionally, Arkham’s data indicates that Druk Holdings possess 656 ETH, which is estimated to be worth approximately $1.5 million, and a minor quantity of BNB.
Arkham further stated that it was able to verify the timeline of onchain mining activity by utilizing time-lapse satellite imagery to observe the construction of the facility at the location of the now-defunct Education City project.
Bhutan’s gross domestic product is anticipated to surpass $3 billion by the conclusion of 2024, indicating that its reported assets account for approximately 25% of its GDP.
In April 2019, Bhutanese officials verified that mining began using hydroelectric power, when the price of Bitcoin was approximately $5,000, according to a report in local media in early 2023.
DHI collaborated with Bitdeer in May 2023 to establish carbon-neutral mining operations in Bhutan. In April 2024, they announced enhancements that would increase Bhutan’s mining capacity by 500 megawatts by the first half of 2025, bringing the total capacity to 600MW.
In contrast, El Salvador initiated its Bitcoin acquisitions in September 2021, when the price of Bitcoin was $51,700.
Bhutan currently holds 5,875 BTC, which is equivalent to $331 million, according to the Nayib Tracker website, which monitors the country’s portfolio. This represents approximately 45% of Bhutan’s holdings.
Additionally, the Central American country realized an aggregate profit of 32.6% and an average dollar cost of $43,900 for the acquisition of these, which was significantly higher.
Nevertheless, El Salvador also employs renewable energy sources to mine BTC, including geothermal volcanic energy.
Cointelegraph attempted to obtain additional information from DHI; however, it did not receive a prompt response.
Bhutan is a Buddhist kingdom located in the eastern foothills of the Himalayas, with a population of only 790,000. It is a landlocked country. In contrast, El Salvador has a population of 6.3 million.
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