Ted Hisokawa
16 Sep 2024 16:42
Bhutan’s $750 million worth of Bitcoin held by Druk Holdings is now visible in Arkham, making Bhutan the fourth-largest government in terms of Bitcoin holdings.
According to arkhamintelligence.com, Bhutan’s significant Bitcoin (BTC) holdings, worth over $750 million, have been publicly identified and displayed on blockchain intelligence platform Arkham. These holdings are derived from Bitcoin mining operations conducted by Druk Holdings, the investment arm of the Kingdom of Bhutan.
Details of stock holdings
Unlike most government Bitcoin holdings, which are usually derived from asset seizures by law enforcement agencies, Bhutan’s BTC holdings are the result of extensive mining activities. This makes Bhutan the fourth largest government holder of Bitcoin on the Arkham platform. Mining operations have expanded significantly since early 2023.
Mining work
Bitcoin mining facilities in Bhutan are located in various locations, with the largest facility being located at the former Education City project site. The timeline of on-chain mining activity is evidenced by time-lapse satellite imagery showing the construction of these facilities.
Global context
This discovery highlights the strategic approach of the country to leverage cryptocurrency mining, making Bhutan one of the largest Bitcoin holding governments in the world. Other governments with significant Bitcoin holdings typically acquire the assets through confiscation or acquisition, making Bhutan’s mining-based accumulation a unique case.
Arcam’s identification of these holdings marks the first time these addresses have been made public, providing transparency into the size and source of Bhutan’s crypto assets.
For more details, check out the official announcement at arkhamintelligence.com.
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