Bhutan has quietly become one of the world's most significant sovereign Bitcoin holders, amassing a reserve now valued at approximately $1.3 billion—about 40% of its GDP148. The country began mining Bitcoin as early as 2019, leveraging its abundant hydropower resources to run energy-intensive mining operations in an environmentally sustainable way.
Mining started discreetly during the pandemic, with the government intentionally keeping details about the number and locations of its mines under wraps. By 2022, Bhutan had established four state-owned mining facilities, and international partners like Bitdeer Technologies have since contributed to expanding operations. The government has used Bitcoin proceeds to offset declines in hydropower exports and even to finance pay raises for civil servants.
While the exact number of Bitcoins mined is not officially disclosed, Bhutan's reserve size and the timeline of its mining activities suggest the country could have accumulated around 12,000 BTC, given the current valuation and historical price movements. This strategic move has positioned Bhutan as a global leader in sovereign Bitcoin holdings and crypto innovation, although the project has been conducted with a high degree of secrecy.
