Bhutan’s Bitcoin Mining Yields $780 Million in Holdings

• Bhutan holds 13,011 Bitcoins from mining operations.
• Bhutan is now the fourth-largest government in Bitcoin holdings.

The small South Asian nation of Bhutan now ranks as the fourth-largest government in terms of Bitcoin holdings. The country holds a total of 13,011 Bitcoins, valued at approximately $780.49 million. These holdings were revealed through Arkham’s platform, which publicly identified the addresses for the first time.

Unlike most governments, Bhutan’s Bitcoin does not originate from law enforcement asset seizures. Instead, these holdings are the result of Bitcoin mining operations. Moreover, the mining activities are managed by Druk Holdings, the investment arm of the Bhutanese government. Consequently, this approach highlights a unique strategy in Bitcoin accumulation.

Bhutan operates several mining facilities across various locations. For instance, the largest facility is situated at the now-defunct Education City project. Additionally, Arkham verified the timeline of mining activities using time-lapse satellite imagery, which corroborated the on-chain data. 

Furthermore, Bhutan’s significant Bitcoin holdings distinguish it from other governments involved in cryptocurrency. Most countries acquire their Bitcoin through confiscations or asset seizures, but Bhutan’s method reflects a more proactive investment in mining. As a result, Bhutan’s position in the coin’s ecosystem is notably different from that of its peers. Although the full scale of Bhutan’s future mining operations remains unclear, its status as a major Bitcoin holder underscores its growing influence. 

Bitcoin Price Weekly Overview

Over the past week, Bitcoin has seen a steady upward trend, with its current price standing at $58,496.01. This marks a 2.97% increase in the last seven days, reflecting growing market confidence. Bitcoin’s market capitalization remains strong at $1.15 trillion, maintaining its position as the leading digital asset. Furthermore, the 24-hour trading volume has surged by 18.66%, reaching $28.41 billion.

The key support level in the current market structure lies at $56,820, which was tested earlier in the week. On the upside, the major resistance level is at $60,000, a threshold that Bitcoin has struggled to break through. 

Looking ahead, if Bitcoin fails to hold the support level of $56,820, the next significant support zone is expected around $55,000. On the other hand, if bullish momentum pushes Bitcoin past the $60,000 resistance, the next upward targets could range between $62,000 and $63,000.

Highlighted Crypto News Today
UNI Token Circulation at 25% Despite Full Unlock