What about the Kingdom of Bhutan and Bitcoin ?

[Becassine]

We talk a lot about El Salvador and Bitcoin, but do you know the Kingdom of Bhutan, this amazing country that remained quite closed for a long time (allowing television and internet only in 1999) and then quietly mined bitcoin in its own corner thanks to hydroelectric power?







The Kingdom of Bhutan is a small, landlocked country in the Himalayas, South Asia, bordered by China to the north and India to the south, east, and west.

Bhutan covers approximately 38,394 km², its population is approximately 780,000 citizens (2023), mainly ethnic Bhoutanese of Tibeto-Mongol origin (Dzongkha and Sharchops) and Lhotshampas (of Nepali descent).

- Dzongkha is the official language.

- Vajrayana Buddhism is the state religion (about 75% of the population).

- It's a constitutional monarchy since 2008, led by King Jigme Khesar Namgyel Wangchuck, transitioning from absolute monarchy to parliamentary democracy.

- Relies on hydropower (exported to India), agriculture (rice, maize, fruits), and sustainable tourism. Tourism is regulated with a daily fee to preserve culture and the environment.

- Capital: Thimphu.

- Currency: Ngultrum (BTN), pegged to the Indian rupee.

Thanks to hydroelectric power generation, the Kingdom of Bhutan owns more Bitcoins than El Salvador and manages its bag by selling when BTC pumps to also offset tourism losses after COVID.

Bhutan holds about 16 times more BTC per capita/resident than El Salvador, primarily through its hydroelectric-powered mining operations, while El Salvador acquired its BTC through purchases and seizures (El Salvador has 6174 btc)

(With a BTC at $103,000 for the example) Bhutan has 0.01527 BTC per capita ($1,573), while El Salvador has only 0.00096 BTC per capita (98.88 USD)

Bhutan has been accumulating its BTC through mining since 2019, when Bitcoin was valued at around $5,000.

In May 2025, Bhutan holds approximately 12,062 BTC, valued at around $1.25 billion, representing over 35% of its 2023 GDP ($3.02 billion). This makes Bhutan the fifth-largest government holder of Bitcoin globally, behind the US, China, the UK, and Ukraine.

Bhutan holds smaller amounts of other cryptocurrencies, including 656 ETH (worth $1.74 million) and minor holdings in BNB, Polygon, and others.



Sources : https://english.elpais.com/economy-and-business/2024-09-30/new-crypto-state-emerges-in-the-himalayas-bhutan-has-twice-as-many-bitcoins-as-el-salvador.html

https://blockworks.co/news/bhutan-btc-mining-operations

https://www.reuters.com/sustainability/bhutan-turns-green-cryptocurrency-fuel-economy-2025-04-17/

https://www.ccn.com/news/crypto/bhutan-top-crypto-nations-full-list-of-countries/

https://bravenewcoin.com/insights/bitcoin-and-the-himalayas-how-bhutan-became-a-crypto-powerhouse

https://www.forbes.com/sites/iainmartin/2023/04/30/bhutan-bitcoin-mining-crypto/

Bhutan’s Ministry of Finance did not respond to a list of questions from Forbes about the scope of the enterprise. It’s unclear when mining began, where it’s located and whether the scheme has turned a profit. (As for the start date, bitcoin was valued at $5,000 in April 2019.) It’s also unclear why Bhutan never disclosed the project to its citizens or international partners.

[Yaunfitda]

Yes, it's not secret that Bhutan has also a lot of Bitcoin at their disposal. With regards to your question, there are some topics about Bhutan already,

• Bhutan sudden purchase of Bitcoin
• Bhutan is doubling down its Tourism industry by partnership with Binance
• [2024-09-22] Government of Bhutan Holds $828M in Bitcoin, Arkham Data Shows
• Government of Bhutan Holds $828M in Bitcoin.
• Bhutan has been quietly mining Bitcoin for many years now

The good thing about this country is that they have abundance of electricity and the Kingdom made the right choice years ago to spend it to Bitcoin mining and now they are harvesting the fruits and obviously helping their economy with the huge profits they got from it.

[wheeljunkie]

There's a small error in your image, for UAE it says $4364 billion. I guess you meant to write $43.64 billion?

The good thing about this country is that they have abundance of electricity and the Kingdom made the right choice years ago to spend it to Bitcoin mining and now they are harvesting the fruits and obviously helping their economy with the huge profits they got from it.

Bhutan is a fantastic example of the use of extra energy. The majority of people are clueless as to how much energy the world is wasting each day. If they really knew, they would riot tomorrow because of the prices of electricity that they are paying and the new pollution taxes. On that note, I don't think unrealized profits really help an economy. These funds are not liquid and are not actively used for anything, it is simply an accumulation process. Imagine if they found a lot of gold, and decide not to use it and just store it. How much does that help? In some statistics sure, but in practice not that much yet.

I think this will provide a lot of benefits to Bhutan down the road. They have started at just the right time, not too early but also not too late. I'd like to see how the data per country is going to look like in the years 2030 or 2040.

Bhutan’s Ministry of Finance did not respond to a list of questions from Forbes about the scope of the enterprise. It’s unclear when mining began, where it’s located and whether the scheme has turned a profit. (As for the start date, bitcoin was valued at $5,000 in April 2019.) It’s also unclear why Bhutan never disclosed the project to its citizens or international partners.

It is unclear why they didn't want to be blackmailed by the IMF and other organization, like El Salvadore is?  

[notocactus]

Bhutan made a lot of noise in Bitcoin community recent years, not in May 2025. If you just knew about it recently, it's good as there is nothing bad by knowing about something new and helpful, but the fact is you actually missed news about Bhutan and their investment in Bitcoin mining and bitcoin for a long time.

Royal Government of Bhutan BTC Holdings

Track Bitcoin holding of Bhutan with this page from Arkham Intelligence.
https://intel.arkm.com/explorer/entity/druk-holding-investments

[Dave1]

There's a small error in your image, for UAE it says $4364 billion. I guess you meant to write $43.64 billion?

The good thing about this country is that they have abundance of electricity and the Kingdom made the right choice years ago to spend it to Bitcoin mining and now they are harvesting the fruits and obviously helping their economy with the huge profits they got from it.

Bhutan is a fantastic example of the use of extra energy. The majority of people are clueless as to how much energy the world is wasting each day. If they really knew, they would riot tomorrow because of the prices of electricity that they are paying and the new pollution taxes. On that note, I don't think unrealized profits really help an economy. These funds are not liquid and are not actively used for anything, it is simply an accumulation process. Imagine if they found a lot of gold, and decide not to use it and just store it. How much does that help? In some statistics sure, but in practice not that much yet.

I think this will provide a lot of benefits to Bhutan down the road. They have started at just the right time, not too early but also not too late. I'd like to see how the data per country is going to look like in the years 2030 or 2040.

Bhutan’s Ministry of Finance did not respond to a list of questions from Forbes about the scope of the enterprise. It’s unclear when mining began, where it’s located and whether the scheme has turned a profit. (As for the start date, bitcoin was valued at $5,000 in April 2019.) It’s also unclear why Bhutan never disclosed the project to its citizens or international partners.

It is unclear why they didn't want to be blackmailed by the IMF and other organization, like El Salvadore is?  

They do sell and so they have realized profits already,

In 2023, the Bhutanese government sold $100m of cryptocurrency to double the salaries of civil servants, Al Jazeera’s Smith reported from Thimphu.

https://www.aljazeera.com/economy/2025/4/14/bitcoin-king-why-is-bhutan-betting-on-crypto#:~:text=In%202023%2C%20the%20Bhutanese%20government,civil%20servants%20quitting%20their%20jobs.

And then recently,

The Royal Government of Bhutan has sold 367 Bitcoin (BTC), worth about $33.5 million through major cryptocurrency exchange Binance.

https://finance.yahoo.com/news/bhutan-cashes-33-5b-bitcoin-081756733.html

So it's already a win win for their government to really invested a lot of Bitcoin and their population is enjoying the benefits as well.

[Lida93]

Thanks to hydroelectric power generation, the Kingdom of Bhutan owns more Bitcoins than El Salvador and manages its bag by selling when BTC pumps to also offset tourism losses after COVID.

Bhutan holds about 16 times more BTC per capita/resident than El Salvador, primarily through its hydroelectric-powered mining operations, while El Salvador acquired its BTC through purchases and seizures (El Salvador has 6174 btc)

(With a BTC at $103,000 for the example) Bhutan has 0.01527 BTC per capita ($1,573), while El Salvador has only 0.00096 BTC per capita (98.88 USD)

Bhutan has been accumulating its BTC through mining since 2019, when Bitcoin was valued at around $5,000.

Nicely done OP, though I have heard about Bhutan but never knew they hold such amount of BTC until now.  Am quite impressed with the analytical comparison decently done between these two bitcoin hodling countries, El Salvador and Bhutan. They both owned their bitcoins in their unique different ways which is all good. For the Bhutanese government mined at the earliest stage of bitcoin, thanks to their sufficient hydro power, while El Salvador not having the resources to optimally mine, had to initiate aggressive buying addition to confiscated bitcoin and today they have their own bitcoin, which is what matters most.

Now, for the quantity of bitcoin holding by each of these two country per capita, the comparison in that direction is squarely unequal if we're to put the total population of Bhutan and El Salvador into consideration. El Salvador (6.31 million) has population about 4 times the size of Bhutan which is (786,385)





If we're to divide the total number of El Salvador population approximating at 6M by 0.002 BTC = 206.43 USD per capita which is far lower to the op 0.01527 BTC per capita ($1,573) for Bhutan. Like I said above, what really matters is that these two countries has a good number of bitcoin holdings and are still unrelenting in the accumulation process.

[Becassine]

If we're to divide the total number of El Salvador population approximating at 6M by 0.002 BTC = 206.43 USD per capita which is far lower to the op 0.01527 BTC per capita ($1,573) for Bhutan. Like I said above, what really matters is that these two countries has a good number of bitcoin holdings and are still unrelenting in the accumulation process.

I had already heard of Bhutan but I didn't even know where it was and I learned a lot of things by reading all these articles. However, it's true that I have a little trouble with numbers... (in addition to geography)

To calculate again, I had to ask for help (GROK):

Bhutan:

Population: 800,000 inhabitants (approximate, based on recent data).

Bitcoin Holdings: 12,062 BTC.

Total Value of Bitcoin Holdings: 12,062 BTC × $103,000/BTC = $1,242,386,000 USD.

BTC Value per Capita: $1,242,386,000 ÷ 800,000 = $1,552.98 USD per capita.

BTC per Capita: 12,062 ÷ 800,000 = 0.0150775 BTC per capita (approximately 0.0151 BTC).

El Salvador:

Population: 6,400,000 inhabitants (approximate, based on recent data).

Bitcoin Holdings: 6,174 BTC.

Total Value of Bitcoin Holdings: 6,174 BTC × $103,000/BTC = $635,922,000 USD.

BTC Value per Capita: $635,922,000 ÷ 6,400,000 = $99.36 USD per capita.

BTC per Capita: 6,174 ÷ 6,400,000 = 0.0009646875 BTC per capita (approximately 0.00096 BTC).


Bhutan has a significantly higher BTC value per capita ($1,552.98 USD) compared to El Salvador ($99.36 USD), approximately 15.6 times higher (1,552.98 ÷ 99.36 ≈ 15.63).

[Dunamisx]

We talk a lot about El Salvador and Bitcoin, but do you know the Kingdom of Bhutan, this amazing country that remained quite closed for a long time (allowing television and internet only in 1999) and then quietly mined bitcoin in its own corner thanks to hydroelectric power?

That's true, if i could remember well, this same country has been well talked about before, because they are diplomatic in what they do and people have no clue about how they started until they have achieved a tremendous result to an extent before being knowing to the public what they are up to,  the use of hydroelectric power in mining bitcoin is what they have been used to and this has made them mined bitcoin successfully at their own capacity, which is what they were known for, but relating them to El-Salvador, Bhutan is yet to adopt bitcoin as a legal tender, but only mined it for year.

[AVE5]

It's clear that Bhutan is a notable crypto embraced country which particularly drew great awareness in the blockchain with their hydroelectric facilities to energize the cryptography activities in giving supports significant to the crypto technologies such as mining. Infact it's an energy-backed crypto mining nation.
It government has also been able to introduce a Crypto payment system for tourists while in their place (Bhutan).
So far with OPs analytical statements, I think he was making comparison given an edge to Bhutan against El Salvador which all said was right but on a cognitive understanding, El Salvador has employed a more significant integration in a large variety of bitcoin adoption and to be concised, El Salvador has been more more recognized and influential than Bhutan due bec El Salvador has accepted bitcoin for it official and legal tender for varieties of payment obligation while it government still holds bitcoin for a it national reserve.

Cordially, Bhutan has been stood a side famous ahead El Salvador due to to it  economy level which is richer than that of El Salvador. So they stands chances to have acquired more bitcoin than El Salvador but talking about who won the pride among both, El Salvador won it basically in the fact that their legislation approval for crypto legal tenders which otherwise has promoted positive influential awareness of bitcoin and the Cryptocurrencies is being said to be courageous.

[Becassine]

It's clear that Bhutan is a notable crypto embraced country which particularly drew great awareness in the blockchain with their hydroelectric facilities to energize the cryptography activities in giving supports significant to the crypto technologies such as mining. Infact it's an energy-backed crypto mining nation.
It government has also been able to introduce a Crypto payment system for tourists while in their place (Bhutan).
So far with OPs analytical statements, I think he was making comparison given an edge to Bhutan against El Salvador which all said was right but on a cognitive understanding, El Salvador has employed a more significant integration in a large variety of bitcoin adoption and to be concised, El Salvador has been more more recognized and influential than Bhutan due bec El Salvador has accepted bitcoin for it official and legal tender for varieties of payment obligation while it government still holds bitcoin for a it national reserve.

Cordially, Bhutan has been stood a side famous ahead El Salvador due to to it  economy level which is richer than that of El Salvador. So they stands chances to have acquired more bitcoin than El Salvador but talking about who won the pride among both, El Salvador won it basically in the fact that their legislation approval for crypto legal tenders which otherwise has promoted positive influential awareness of bitcoin and the Cryptocurrencies is being said to be courageous.

The two countries have different strategies: the government of El Salvador is really doing everything to encourage the population to use bitcoin, it has even authorized the creation of diploma courses in certain schools (Mi Primer Bitcoin https://miprimerbitcoin.io/) and offered wallets with a few satoshis while on the contrary it seems that the government of Bhutan has not informed its citizens of its investment in BTC mining (at the beginning).

[wheeljunkie]

Track Bitcoin holding of Bhutan with this page from Arkham Intelligence.
https://intel.arkm.com/explorer/entity/druk-holding-investments

Nice, I was gonna ask whether there was a tracker somewhere. It is always helpful to see how these things develop using a graph.

The Royal Government of Bhutan has sold 367 Bitcoin (BTC), worth about $33.5 million through major cryptocurrency exchange Binance.

https://finance.yahoo.com/news/bhutan-cashes-33-5b-bitcoin-081756733.html

So it's already a win win for their government to really invested a lot of Bitcoin and their population is enjoying the benefits as well.

My bad, thanks for the links. I was under the impression that no selling is yet happening. But looking at what you sent, I don't think this is a good idea even if it is in small amounts relative to their holdings. Selling assets to pay for salaries is not sustainable. Instead they should be selling to finance infrastructure and tax generating services which will yield bigger cumulative benefits down the road.

[arwin100]

Bhutan made a lot of noise in Bitcoin community recent years, not in May 2025. If you just knew about it recently, it's good as there is nothing bad by knowing about something new and helpful, but the fact is you actually missed news about Bhutan and their investment in Bitcoin mining and bitcoin for a long time.

Royal Government of Bhutan BTC Holdings

Track Bitcoin holding of Bhutan with this page from Arkham Intelligence.
https://intel.arkm.com/explorer/entity/druk-holding-investments

They start mining Bitcoin since 2019 and they start when the price of Bitcoin is at $5k https://www.forbes.com/sites/digital-assets/2024/09/17/how-bhutan-quietly-built-750-million-in-bitcoin-holdings/

Now they are aiming huge and frequently doing good activities on Bitcoin last time I heard is they planned about this https://thebhutanese.bt/500-mw-bitcoin-mine-to-start-operation-in-phases-from-mid-2025-in-jigmeling/

So hopefully we see them succeed since what Bhutan achieve on Bitcoin would be a great convincing factor to other country to follow what they do.

[notocactus]

Nice, I was gonna ask whether there was a tracker somewhere. It is always helpful to see how these things develop using a graph.

You replied to my post in which I attached a tracker for you, so why did you ask this non-sense question?

They start mining Bitcoin since 2019 and they start when the price of Bitcoin is at $5k

So hopefully we see them succeed since what Bhutan achieve on Bitcoin would be a great convincing factor to other country to follow what they do.

They started earlier enough than others but they have another big advantage of their renewable energy for Bitcoin mining. It comes from their abundant hydro power plants that give them sustainable and renewable energy resource so Bhutan mining industry has very good advantage from their inputs. Their outputs with no pressure from electricity bill payment can be very good as they are able to hold their bitcoin for a long time without pressure of selling for electricity bill. This energy resource can help them less affected in bear market when weak miners have to mostly capitulate.

[Becassine]

They started earlier enough than others but they have another big advantage of their renewable energy for Bitcoin mining. It comes from their abundant hydro power plants that give them sustainable and renewable energy resource so Bhutan mining industry has very good advantage from their inputs. Their outputs with no pressure from electricity bill payment can be very good as they are able to hold their bitcoin for a long time without pressure of selling for electricity bill. This energy resource can help them less affected in bear market when weak miners have to mostly capitulate.

Bhutan's hydroelectric power is resold to India, and BTC mining has reduced electricity exports. But Bhutan seems to manage its budget well (unlike other states...), resells BTC when necessary, invests in mining farms, and allows its civil servants to benefit through salary increases or bonuses. In France, BTC mining was proposed, but was obviously rejected by a sclerotic administration.

Sébastien Gouspillou, through his company BigBlock Green Services, made this proposal to EDF (french electricity) but finally went abroad. He's involved in Bitcoin mining using hydroelectricity primarily in the Democratic Republic of Congo (DRC), notably in Virunga National Park, where mining facilities have been established since September 2020. He has also mentioned projects in Congo Brazzaville (Congo-Brazza), which he considers the next destination for his mining activities.


Some people in France have very good ideas, experience and technical knowledge but our administration blocks innovative initiatives ...

[wheeljunkie]

Nice, I was gonna ask whether there was a tracker somewhere. It is always helpful to see how these things develop using a graph.

You replied to my post in which I attached a tracker for you, so why did you ask this non-sense question?

Maybe you should go back and revisit some basic English lessons.  See the underlined word, I was going to ask had you not posted it as I was searching for it. It is not a question, it is a statement.

Some people in France have very good ideas, experience and technical knowledge but our administration blocks innovative initiatives ...

The whole European union is like this. You can see examples of current failures in governance compared to places like Bhutan. Obviously the west is much more developed, but that is for historical reasons. That does not excuse their current failings. What Bhutan is doing is great, but it all depends on how they use the profits that they realize. If they waste them on short term things, the benefits that they reap will be limited.

[Becassine]

The whole European union is like this. You can see examples of current failures in governance compared to places like Bhutan. Obviously the west is much more developed, but that is for historical reasons. That does not excuse their current failings. What Bhutan is doing is great, but it all depends on how they use the profits that they realize. If they waste them on short term things, the benefits that they reap will be limited.

Regarding Bitcoin management, it appears that the budget seems very well managed. Prime Minister Tshering Tobgay has emphasized that Bitcoin plays a key role in economic stabilization and financing national priorities. According to some sources (see links), the country generates between 55 and 75 BTC per week (thanks to hydroelectric power). It should be remembered that while BTC mining is obviously profitable, there is also less energy exported to India (apart from the fact that hydroelectric production is seasonal and dependent on rainfall).

- In 2012, according to the United Nations COMTRADE database, Bhutan's electrical energy exports to India amounted to USD 170.57 millions.

- In 2023, Indian imports of electrical energy from Bhutan amounted to USD 7.96 millions, representing 325,620,000 kWh (according to COMTRADE and wits.worldbank.org).

Nevertheless, there is no precise data on mining's energy consumption relative to total production (at least I haven't found any). The difference in figures between 2012 and 2023 is huge, perhaps the figures need to be confirmed.

Furthermore, the government uses Bitcoin to finance public spending, such as doubling civil servant salaries, free healthcare, and environmental projects.

I knew nothing about the Kingdom of Bhutan, it's a fascinating subject !

https://blockworks.co/news/bhutan-btc-mining-operations

https://www.aljazeera.com/economy/2025/4/14/bitcoin-king-why-is-bhutan-betting-on-crypto

https://tradingeconomics.com/bhutan/exports/india/electrical-energy

https://businessbhutan.bt/bhutan-exports-electricity-worth-over-nu-11-6bn-to-india/