Bhutan Government Sells $22 Million in Bitcoin from Reserves

The Bhutanese government has liquidated 284.8 BTC for approximately $22.3 million, as reported by analytics firm Arkham. This transaction was completed in two separate transfers: 184 BTC, valued at $14 million, was sold on February 4, while 100.8 BTC, worth $8.3 million, was sold on January 30. Both transactions were directed to market maker QCP Capital.

Since beginning its mining operations in 2019, Bhutan has amassed significant revenue, exceeding $765 million. Though electricity costs are estimated around $120 million, the actual expenses are likely reduced due to the country's reliance on hydropower.

The most substantial mining activity was recorded in 2023, yielding about 8,200 BTC, and Bhutan's total reserves have peaked at 13,000 BTC. Currently, the kingdom holds 5,700 BTC, translating to over $403 million.

Here’s a breakdown of Bhutan's mining output by year:

• 2021: ~2,500 BTC
• 2022: ~1,800 BTC
• 2023: ~8,200 BTC
• 2024: ~3,000 BTC

Positioned as the seventh-largest holder of Bitcoin among nations, Bhutan follows the USA, China, the UK, Ukraine, El Salvador, and the UAE.

This divestment occurs amid current market challenges and a downturn in cryptocurrency prices, with Bitcoin recently testing the $70,000 mark and currently trading at $71,082, a significant drop from its all-time high of $126,080.