The Royal Government of Bhutan has transferred 929 BTC to Binance, valued at approximately $66.16 million, coinciding with a recent surge in Bitcoin that exceeded $70,000. Bhutan’s holdings total 12,456 BTC, making it the fifth-largest national holder of Bitcoin. This transfer is the first since depositing 381 BTC to Kraken in July, and it reflects Bhutan’s ongoing strategy of utilizing its hydroelectric resources for sustainable cryptocurrency mining as a new revenue source.
The Royal Government of Bhutan has recently made headlines by transferring 929 BTC to the cryptocurrency exchange Binance, a move that occurred coinciding with Bitcoin surpassing the $70,000 mark for the first time since June 10, 2023. According to Lookonchain, citing data from Arkham Intelligence, this significant transaction—which is valued at approximately $66.16 million—happened across two transfers on October 29. Bhutan’s current holdings now total 12,456 BTC, amounting to nearly $891 million, although the specific reasons for this transfer remain uncertain. It is noteworthy that government-linked wallet transactions to exchanges typically indicate a potential sale of assets, especially following a notable price surge in Bitcoin, which recently exceeded $71,700 before reaching a high of $73,000 shortly thereafter. This transfer represents Bhutan’s first movement of Bitcoin to a crypto exchange since July, when 381 BTC was logged as a deposit to Kraken. Furthermore, only days prior to this transaction, the Bhutan-linked wallet transferred approximately 228.8 ETH—valued at around $600,000—to a Binance hot wallet, leaving a modest $1.72 million in Ether as its other main digital asset. Bhutan’s foray into Bitcoin was predicated on a strategy that embraces sustainable practices through its abundant hydropower resources. The government has been actively mining Bitcoin since 2017, when the currency was valued at around $5,000. This proactive approach to mining has enabled Bhutan to become the fifth-largest holder of Bitcoin among nation-states, following prominent holders such as the United States, China, the United Kingdom, and Ukraine, as recorded by Bitcoin Treasuries. The assets are managed by Bhutan’s state investment entity, Druk Holding & Investments. Additionally, Bhutan has capitalized on Bitcoin mining as a new fiscal avenue, largely in response to a sharp decline in tourism revenue due to the COVID-19 pandemic. Reports indicate that profits generated from Bitcoin mining have even supported governmental salary augmentations.
The Kingdom of Bhutan, situated in the Eastern Himalayas, has gained recognition for its distinctive strategy in cryptocurrency mining, particularly Bitcoin, since 2017. Capitalizing on its rich hydroelectric resources, Bhutan aims to pursue sustainable mining practices to optimize its national resources. In May 2023, the government established a partnership with Bitdeer, a Nasdaq-listed mining firm, to further enhance these efforts by creating a mining operation that is completely carbon-free. The government-linked wallet associated with Bhutan has played a critical role in its cryptocurrency footprint, with recent activity gained attention because of Bitcoin’s substantial price movements. Despite being one of the smaller players in the cryptocurrency market, Bhutan’s strategic approach has allowed it to maintain a significant quantity of Bitcoin, securing its position as the fifth-largest national holder of the digital asset.
In summary, the Royal Government of Bhutan’s recent transfer of 929 BTC to Binance amid a notable surge in Bitcoin prices highlights the strategic movement of a significant portion of its digital assets. This transaction not only demonstrates Bhutan’s active engagement with cryptocurrency markets but also underscores the broader trend of nations utilizing Bitcoin mining as a method for economic diversification. As Bhutan continues to leverage its resources for sustainable Bitcoin production, its role in the global cryptocurrency landscape will likely expand, allowing it to navigate financial challenges more effectively.
Original Source: cryptopotato.com
