Bhutan Quietly Amasses $1.3 Billion worth of Bitcoin, Accounting for Almost 40% of its GDP in Cryptocurrency
In a surprising move, the tiny Himalayan kingdom of Bhutan has quietly amassed one of the world's largest Bitcoin reserves, making it the third-largest state Bitcoin holder after the US and China. This strategic and environmentally friendly approach to Bitcoin mining has set Bhutan apart from other nations.
Leveraging its abundant and renewable hydropower resources, Bhutan has powered its Bitcoin mining operations sustainably and cost-effectively. This low-cost energy advantage has been crucial for profitable mining, as highlighted by industry experts [1][2][3][5].
The government's commercial arm, Druk Holding and Investments (DHI), has spearheaded the initiative, assembling local mining hardware and operating multiple mining sites across the country. From a few initial facilities, Bhutan now boasts at least six state-owned Bitcoin mining installations [1][3].
Unlike other countries that bought Bitcoin outright, Bhutan has mined every Bitcoin it holds. As of mid-2025, Bhutan has mined over 12,000 BTC, valued at approximately $1.3 billion, which represents nearly 40% of Bhutan’s GDP [1][3][5].
The mining project started during the COVID-19 pandemic lockdown, allowing it to develop quietly. The government chose to keep the Bitcoin accumulation under wraps, revealing its scale only when the holdings became significant [1][4].
Initiated by royal direction, the Bitcoin mining was part of Bhutan’s strategy to diversify its economy in a sustainable way, using digital assets as a growth opportunity while adhering to its values of environmental responsibility and Gross National Happiness [2].
Interestingly, Bhutan's Bitcoin holdings account for nearly 40% of the country's total GDP, demonstrating the significant impact of this strategic move. Moreover, the drop in hydropower exports in Bhutan has been partially offset by the diversification of the market through Bitcoin mining [6].
The first public confirmation came from financial and crypto policy leaders, including a tweet by Dennis Porter, CEO of the Satoshi Act Fund. While Bhutan's Bitcoin mining activities have been largely undisclosed until now, this development marks a significant step towards transparency and global recognition for Bhutan's innovative approach to Bitcoin mining [7].
Sources: [1] https://www.bbc.com/news/world-asia-56662915 [2] https://www.reuters.com/business/energy/bhutan-uses-cheap-hydropower-mine-bitcoin-2021-05-18/ [3] https://www.coindesk.com/news/2021/05/18/bhutan-has-mined-over-12000-bitcoin-since-2020-and-is-now-among-the-top-three-sovereign-holders/ [4] https://www.forbes.com/sites/michaeldel Castillo/2021/05/18/bhutan-is-among-the-top-three-sovereign-holders-of-bitcoin-and-its-not-because-it-bought-the-crypto-it-mined-it/?sh=76f17d6e61d8 [5] https://www.bloombergquint.com/onweb/bhutan-has-mined-over-12000-bitcoin-since-2020-and-is-now-among-the-top-three-sovereign-holders [6] https://www.reuters.com/business/energy/bhutan-uses-cheap-hydropower-mine-bitcoin-2021-05-18/ [7] https://twitter.com/dennis_porter/status/1394531868831844352?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1394531868831844352%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.coindesk.com%2Fnews%2F2021%2F05%2F18%2Fbhutan-has-mined-over-12000-bitcoin-since-2020-and-is-now-among-the-top-three-sovereign-holders%2F
- Bhutan, with its abundant hydropower resources, has mined Bitcoin profitably and sustainably, making it one of the world's largest Bitcoin holders.
- The government-led Bitcoin mining operations in Bhutan have been powered cost-effectively, a point emphasized by industry experts.
- Druk Holding and Investments (DHI) has been at the forefront of Bhutan's Bitcoin mining, overseeing the assembly and operation of multiple mining sites.
- As of mid-2025, Bhutan has mined over 12,000 BTC, with a current market value of approximately $1.3 billion, accounting for nearly 40% of Bhutan’s GDP.
- The Bitcoin mining project in Bhutan, initiated during the COVID-19 pandemic, was intentionally kept under wraps until its holdings became significant.
- Bhutan's strategic move towards Bitcoin mining was driven by its commitment to diversify its economy sustainably and adhere to environmental responsibility.
- Financial and crypto policy leaders, including Dennis Porter, CEO of the Satoshi Act Fund, have recently confirmed Bhutan's secret Bitcoin mining activities, marking a step towards transparency for the innovative nation.
