Bhutan, a country in South Asia on the eastern edge of the Himalayas, has become a notable Bitcoin holder. 

A report by Arkham Intelligence states that the nation holds 13,011 Bitcoin, currently valued at approximately $780.49 million. 

This marks the first public identification of Bhutan's Bitcoin addresses by a data analytics firm.

Arkham announced on X that Bhutan ranks as the fourth-largest government holder of Bitcoin in their records, with holdings exceeding $750 million. 

Unlike some other governments that acquire Bitcoin through asset seizures, Bhutan's holdings come from its own mining operations, which have increased since early 2023.

The country's Bitcoin mining activities are managed by Druk Holding & Investments, the government's investment arm. 

According to Arkham, multiple mining facilities have been established across Bhutan, with the largest located on the site of the former Education City project. 

The firm confirmed the timeline of these mining operations by analyzing time-lapse satellite imagery of the facilities' construction.

In May 2023, Druk Holding & Investments partnered with Bitdeer to develop a carbon-neutral Bitcoin mining operation within Bhutan. 

Earlier in the year, a Bloomberg report revealed plans to expand their mining capacity from 100 megawatts to 600 megawatts. 

Bhutan's abundant hydropower resources support its eco-friendly mining initiatives, making it a suitable location for sustainable Bitcoin mining.

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