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17/09/24
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Bhutan Surpasses El Salvador in Bitcoin Holdings: A New Crypto Power Emerges
Bhutan has emerged as a significant player in the cryptocurrency landscape, reportedly holding more Bitcoin than El Salvador. Recent analysis from a blockchain analytics firm has revealed that Bhutan controls an impressive 13,029 BTC, valued at approximately $758 million. This substantial amount is believed to stem from Bitcoin mining activities conducted by Druk Holdings International (DHI), the country’s investment arm. In addition to Bitcoin, DHI’s portfolio includes 656 ETH, worth about $1.5 million, along with minor holdings in other cryptocurrencies such as BNB and Polygon (MATIC).
The findings also indicate a strong correlation between Bhutan’s mining operations and a series of satellite imagery, which tracked the construction of facilities associated with these mining efforts. These operations started in April 2019, coinciding with a time when Bitcoin was trading around $5,000. As Bhutan’s economy is projected to reach a gross domestic product of $3 billion by the end of 2024, the reported Bitcoin holdings represent about a quarter of the country’s GDP.
DHI has taken significant steps to enhance its mining capabilities, partnering with Bitdeer in May 2023 to establish carbon-neutral mining operations. Plans are underway to increase mining capacity by 500 megawatts by mid-2025, bringing the total to 600 megawatts. This proactive strategy positions Bhutan well within the growing landscape of cryptocurrency mining.
In contrast, El Salvador began acquiring Bitcoin in September 2021, when prices were notably higher at $51,700 per coin, leading to a current holding of 5,875 BTC valued around $331 million. El Salvador’s mining efforts leverage geothermal volcanic energy, showcasing a commitment to renewable energy sources. While both countries utilize sustainable energy for mining, Bhutan’s substantial holdings and cost-effectiveness place it in a unique position within the cryptocurrency market.
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