👀 Bhutan has sold 4,000 Bitcoin since Oct 2024 (from a peak of 13k to 9k). It is unclear why at this time, but I would guess it will fund the development of the Gelephu Mindfulness City.
In 2023, Bhutan sold US$100million worth of BTC to fund a 50% pay rise for civil servants.
Bhutan, the small Himalayan kingdom rich in Buddhist traditions and known for measuring progress based on a Gross National Happiness Index, has been mining Bitcoin under its state holding company Druk Holding and Investments (DHI) since 2019.
Given its limited economic development options, Bhutan sees Bitcoin mining as a better way to capitalize on its abundant hydroelectric power over exporting electricity at low rates. Bitcoin mining is also being used to make up for falling tourism revenue.
DHI partnered with Bitdeer in May 2023 to significantly expand Bhutan’s mining capacity. Bitdeer’s filings indicate that a 100 megawatt datacenter became operational September 2023 in Gedu and a 500 megawatt datacenter is expected to be complete by mid-2025 in Jigmeling.
In a March 2025 interview, the Prime Minister, Tshering Tobgay, revealed that Bhutan’s Bitcoin holdings have been used to fund public services; primarily a pay rise for civil servants, but also healthcare and environmental initiatives. The Prime Minister believes the world is moving toward broader Bitcoin adoption, treating it like any other currency.
