Bhutan Surpasses El Salvador in State-Held Bitcoin Reserves, Ranking Third Globally

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. Bitcoin Reserves in Bhutan and El Salvador
  2. Origins of Bhutan's Bitcoin Reserves
  3. Clean Energy Powers Bhutan's Bitcoin Mining


    4. Recent data shows Bhutan holds more Bitcoin than El Salvador, emerging as a surprising leader in state-held Bitcoin reserves.

    Bitcoin Reserves in Bhutan and El Salvador

    According to the latest data, Bhutan has unexpectedly emerged as a leader in state-held Bitcoin reserves, with a total value of $782.46 million. This significantly surpasses El Salvador's reserves, which are valued at $351.75 million. Despite its small population of just 782,000, Bhutan holds more than twice as much Bitcoin as El Salvador, which has a population of over 6.3 million. Globally, Bhutan ranks third in state-held Bitcoin assets, behind only the United States ($12.16 billion) and the United Kingdom ($3.67 billion).

    Origins of Bhutan's Bitcoin Reserves

    Bhutan's significant Bitcoin reserves can be traced back to April 2019, when Bitcoin was valued at around $5,000. Bhutan's sovereign investment arm, Druk Holding & Investments, confirmed that the country began mining Bitcoin at that time. Since then, Bhutan has leveraged its vast hydroelectric resources to power large-scale mining operations.

    Clean Energy Powers Bhutan's Bitcoin Mining

    Bhutan's rivers, fed by Himalayan glaciers, provide an impressive 23,760 MW of technically feasible hydroelectric capacity. Hydropower makes up 30% of Bhutan's GDP, and by 2003, 99.5% of the country's electricity was sourced from hydroelectricity. This clean energy infrastructure allows Bhutan to expand its Bitcoin mining activities while maintaining its environmental commitments. To put Bhutan's hydroelectric potential in perspective, the country's total capacity could power over 17 million American homes or more than double the energy needs of a city like New York.

    Bhutan has demonstrated an unexpected leadership position globally in state-held Bitcoin reserves, utilizing its natural resources for mining and asset accumulation. This places Bhutan in an interesting position amidst the rapidly evolving cryptocurrency market.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Electrum Wallet Vulnerability Could Lead to Unintended Payments

Electrum disclosed a vulnerability in its wallet that could lead to unintended payments due to a flaw in fee adjustments.

user avatarLucas Weissmann

US Household Inflation Expectations Increase Ahead of Federal Reserve Meeting

In October 2023, American households raised their inflation expectations to 4.7% for the next year and 3.5% for the long run, according to a survey by the University of Michigan.

user avatarFilippo Romano

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.