Bhutan Becomes Fifth Country with the Most Bitcoin
Bhutan, the small kingdom nestled in the Himalayan mountains, has historically maintained an economy focused on sustainability with limited global market integration.
In recent years, the country has turned toward cryptocurrencies, particularly Bitcoin, becoming one of the world’s leading holders of virtual assets.
With a population of around 800,000 people, Bhutan has accumulated over 12,200 bitcoins, valued at more than $1.2 billion. This amount represents 34% of its Gross Domestic Product (GDP), placing the country ahead of El Salvador, the first nation to adopt Bitcoin as legal tender, which holds 5,944 bitcoins.
Bitcoin Ranking
According to Bitcoin Treasures data, Bhutan ranks as the fifth-largest holder of Bitcoin globally, surpassed only by the United States, China, the United Kingdom, and Ukraine.
The trend of accumulating and mining Bitcoin in Bhutan continues to grow. In January of this year, the Special Administrative Region of Gelephu, a city known for its focus on sustainability and innovation, announced it would incorporate cryptocurrencies like Bitcoin and Ethereum into its treasury.
Authorities in Gelephu emphasized that, strategically located to connect the emerging economies of South Asia, the city has a unique opportunity to serve over 2 billion people in the region. Its goal is to promote blockchain technology and strengthen the local economy through Bitcoin mining.
Bitcoin Adoption in Bhutan
The results so far have been impressive: mining operations generate between 55 and 75 BTC weekly, with revenues ranging from $3.6 to $4.9 million. Over a period of three and a half years, the country has extracted a total of 27,727 BTC. This remarkable figure has been made possible through strategic partnerships with major mining pools like AntPool, Braiins, and Foundry.
These alliances have not only ensured strong returns but also promoted sustainable mining practices. Thanks to the profits from Bitcoin mining, the Bhutanese government has been able to increase public sector salaries by up to 50%, bolster foreign exchange reserves, and create new jobs in technology. Bhutan is expected to reach 600 megawatts of mining capacity by 2025.
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