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

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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.

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