Thanks to its abundant hydroelectric resources, the small country of Bhutan has established itself as an emblematic player in Bitcoin mining. A position, however, weakened following regular sales of BTC which now involve more than 70% of its stocks. Would they have moved on to something else?
Bhutan sold 70% of its BTC stock
Since 2019, the small country of Bhutan has operated a nationwide Bitcoin mining operation, powered by its abundant hydroelectric power. An ambitious strategic choice which will allow it to amass up to 13,000 BTC, the value of which represented 40% of its GDP in June of last year.
A peak reached in 2024 which allowed it to appear in the top 5 in the ranking of nations holding Bitcoin. But since that time, sales have followed one another with flawless regularity, to the point of having recently brought the amount of these assets below the level of 4,000 BTC.
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Bhutan sold 70% of its BTC stock
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Indeed, following the recent transfer of 319.7 BTC ($22.7 million) made over the last few hours, Bhutan now only holds 3,954 BTC, estimated at just over $280 million. An operation most certainly intended to finance its national infrastructure and the development of its Gelephu Mindfulness City (estimated at 10,000 BTC), which however poses an obvious question.
An observation carried out by analysts from the blockchain monitoring company Arkham Intelligence since mid-March, with a simple question set out in a publication on the X network: “Has Bhutan stopped Bitcoin mining? »
And for good reason, its official address has not received any significant payments from Bitcoin mining for over a year now (March 2025).
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A mutation of BTC miners which also affects Bhutan?
The question is not why Bhutan is selling its BTC, but why its stocks are depleting without recording significant inflows linked to mining. And suffice to say that seeing the profitability of miners collapsing appears to be an impossible reason to ignore.
A situation which is currently weakening this entire industry, to the point of pushing some of its players to consider new sources of income, such as data centers dedicated to AI or high performance computing (HPC) in search of structures of this kind to support their development.
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Can we envisage that Bhutan has also let itself be seduced by the promise of more stable and predictable returns offered by the artificial intelligence sector, to the point of abandoning – or significantly reducing – its Bitcoin mining activity?
The question mérite d’être possesses…
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Source : Arkham
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Passionate about cryptocurrencies and the principle of decentralization for many years, I want to share this experience with as many people as possible. I also endeavor to decipher the issues associated with the evolution of this ecosystem within traditional finance.
Hugh Bernard
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