On November 14, Bhutan cashed out 367 BTC, or almost USD 33.5 million, using Binance, a significant cryptocurrency exchange. The price of one bitcoin increased to above USD 90,000. Bhutan has sold Bitcoin worth around $100 million in recent weeks. According to Chief Executive Officer Ujjwal Deep Dahal, Bhutan has Bitcoin holdings and began using our green hydropower to mine them in 2019. With 12,206 Bitcoin under the DHI, which is valued at approximately USD 1.11 billion, the nation remains one of the largest government Bitcoin holders. According to reports, Bhutan is the fourth-largest Bitcoin holder in the world.
Bhutan has set up mining operations in a number of places, the biggest of which being at the site of the former Education City Project. Bhutan, which is already one of the nation’s hubs for Bitcoin mining, plans to increase its capacity to 600 megawatts by 2025. Midway through 2023, the first project, a 100MW Bicoin mine in Gedu, went into operation.
According to a World Bank estimate, throughout the past two fiscal years, Bhutan has invested USD 539 million in cryptocurrency mining operations. The nation’s reserves have significantly decreased as a result of this large investment. Regarding commerce, Bhutan brought in IT equipment worth Nu 11.91 billion in 2022 and Nu 4 billion in 2023. The nation imported Nu 4.33 billion worth of IT equipment in 2021.