Bhutan mines 13,011 Bitcoin valued at $780 million

Bhutan has emerged as a significant government holder of Bitcoin (CRYPTO:BTC), possessing 13,011 BTC, currently valued at approximately $780.49 million.

According to a report by Arkham Intelligence, this places Bhutan as the fourth-largest government Bitcoin holder globally.

Unlike many other countries, Bhutan’s Bitcoin reserves are not the result of law enforcement seizures.

Instead, the country has been accumulating Bitcoin through its expanding mining operations.

These activities have grown substantially since early 2023 and are managed by Druk Holding & Investments, Bhutan's investment arm.

The mining operations in Bhutan have begun at several locations, including a major site on the grounds of the defunct Education City project.

Arkham Intelligence verified the timeline of these mining activities through on-chain data, while satellite images confirmed the development of mining infrastructure.

In May 2023, Druk Holding & Investments partnered with Bitdeer to launch Bhutan's first 100% carbon-neutral Bitcoin mining operation.

Bloomberg reported that the goal is to increase the mining capacity from 100 to 600 megawatts.

Bhutan's abundant hydropower resources support this eco-friendly approach to Bitcoin mining, positioning the country as a notable player in sustainable cryptocurrency mining.

Other countries have also become major Bitcoin holders.

The United States tops the list with 207,189 BTC, valued at over $13.4 billion, mainly acquired through criminal seizures since 2020.

China follows with about 190,000 BTC worth approximately $12.6 billion, confiscated from the PlusToken Ponzi scheme.

The United Kingdom has seized over 1.3 million BTC, with 61,000 BTC still in possession, worth around $3.9 billion.

Ukraine, holding 46,351 BTC, has also seized crypto assets to fight corruption.

El Salvador, which adopted Bitcoin as legal tender, currently holds 5,748 BTC, valued at $397 million due to favorable market conditions.

At the time of reporting, the Bitcoin (BTC) price was $58,118.65.