Bhutan Sells 70% of Bitcoin Holdings Amid Mining Slowdown
Bhutan has sold 70% of its bitcoin in 18 months. It may have stopped BTC mining too.
Coindesk
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Bhutan has sold approximately 70% of its bitcoin holdings, dropping from 13,000 BTC to 3,954 BTC, worth about $280.6 million. The kingdom's bitcoin mining operations appear to have slowed or halted, reflecting the economic challenges faced by small-scale state mining as market conditions worsen.
- 01Bhutan's bitcoin holdings decreased from 13,000 BTC to 3,954 BTC over 18 months.
- 02The country has sold $215.7 million worth of bitcoin this year alone.
- 03No new significant inflows from bitcoin mining have been recorded in over a year.
- 04Bhutan's mining operations are no longer economically viable due to high network difficulty and reduced bitcoin prices.
- 05The kingdom's remaining bitcoin is now less than what major institutional holders acquire in a typical week.
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Bhutan has significantly reduced its bitcoin holdings, selling approximately 70% of its stash, which has fallen from 13,000 BTC to 3,954 BTC since October 2024. This liquidation resulted in the transfer of about $215.7 million worth of bitcoin this year alone. The kingdom's unique hydropower-backed mining operation, previously a pioneering effort, seems to have slowed or ceased entirely, with no major inflows recorded in over a year. Economic pressures, including high network difficulty and a decrease in bitcoin prices, have made mining less viable. As a result, Bhutan is now liquidating its assets instead of expanding its holdings, contrasting sharply with other institutional players who are increasing their crypto investments. The last significant inflow for Bhutan's mining operation was over a year ago, indicating a shift in strategy as the kingdom opts to sell rather than mine or hold its remaining bitcoin.
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The liquidation of Bhutan's bitcoin holdings may affect its economic strategy and revenue from mining operations, potentially leading to increased reliance on hydropower sales to neighboring India.
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