- Bhutan transfers over $66 million in BTC to Binance, following a significant transaction to Kraken in July.
- The country’s Bitcoin mining initiative started in 2019, has significantly boosted government revenue.
- Bhutan uses its hydroelectric infrastructure to sustainably mine BTC, increasing revenue in one of Asia’s poorest regions.
The Royal Government of Bhutan just transferred a major amount of crypto to Binance this morning. According to a report from Arkham, the government sent over $66 million in BTC, in two separate transactions.
This development comes just a few months after another major Bitcoin transaction by the country. In July, Bhutan sent 281 BTC to Kraken, likely to sell the tokens in the exchange.
Bhutan still holds over $897 million in cryptocurrency assets, with the vast majority of these tokens being Bitcoin and Ethereum.
Bhutan BTC Mining Initiative
Interestingly enough, the South Asian country runs one of the most notorious crypto mining operations by governments in the world.
Starting in 2019, The Royal Government of Bhutan via its national investment company “Druk Holdings and Investments” has been able to grow government revenue by a significant amount since turning to mining as an alternative.
With several mining facilities in the region, Bhutan has been able to gather hundreds of dollars in BTC per month. Bitcoin Magazine reports that the country’s Bitcoin stack is worth around 30% of Bhutan’s GDP.
This proactive approach provides one of the largest study cases for crypto utility by governments. With a large hydroelectric infrastructure allowing the nation to sustainably mine BTC, The Royal Government of Bhutan was able to significantly increase revenue in one of the poorest regions in Asia.
