Kingdom of Bhutan Reduces Bitcoin Holdings by 70% Within 18 Months, Possibly Ceasing Bitcoin Mining Activities

Odaily According to reports, the Bhutanese government transferred approximately 319.7 Bitcoins (worth $22.68 million) to two addresses on Thursday. Among these, 250 Bitcoins were sent to a wallet that had previously routed funds to Galaxy Digital and OKX. Bhutan's holdings have decreased from around 13,000 Bitcoins in October 2024 to the current 3,954 Bitcoins, valued at approximately $280.6 million, representing a 70% reduction within 18 months. Since the beginning of this year, Bitcoins worth $215.7 million have been transferred out of addresses held by Bhutan.

Furthermore, the country's mining pool has not recorded Bitcoin inflows exceeding $100,000 for over a year, indicating that its hydroelectricity-supported Bitcoin mining operations may have slowed down or ceased.