That's early indication that Bhutan does not really have a plan to hold their earned Bitcoin. Those sells they made tells that they are going after for immediate profit and they see maybe see the profit they made can be useful for their other priorities.
But for what I read they are not stopping their Bitcoin mining operation, but it seems they slow down and maybe there's some changes on their priorities happens. Also I doubt they think about stopping, since last time I read they say that Bitcoin mining cost nothing to them because they are using surplus energy came from hydro power. So with that they remain profitable(although maybe much lesser before) on their Bitcoin mining operation.
Bhutan still holds a certain amount of Bitcoin and they haven't sold it all yet. it seems to me that they consider mining as an ordinary business and gradually sell BTC for their own needs. regarding priorities, you may be right. many mining companies are now shifting toward providing services for AI and Bhutan may be no exception. yes, they use surplus energy from hydro power but they may have found more profitable alternatives.
athough I don't rule out the possibility that after Bitcoin's new ATH they will return to mining.
Most likely they are selling it for their country's needs because from the start they designed this Bitcoin reserve to be able to diversify state revenue and finance infrastructure projects, so this is a normal sale and will not affect the market.
this is the country's normal approach. gradual sales don't significantly impact the market and Bhutan deserves credit for that.
That raises the question of why there have been no significant Bitcoin inflows into their wallets for over 12 months, even though they claim to have a Bitcoin mining operation with a continuous supply of renewable energy. It’s unclear whether they’ve temporarily paused some of their Bitcoin mining to focus on AI computing, due to issues with the efficiency of their mining equipment, or because of cold weather causing their water flow to decrease, leading them to halt non-essential operations. All we can do is speculate, as there isn’t much information available about this country. But one thing is certain, they haven’t abandoned Bitcoin mining, as it remains one of their strategic projects.
it's definitely not the weather because there hasn't been inflow of Bitcoin for 12 months. however, a shift toward AI seems very likely. I think Bhutan is considering the use of its equipment from a profit perspective. if mining is more profitable today, they mine Bitcoin, and if renting for AI services is more profitable, they use the capacity for that.
The thing is quite suspicious. There was a complete stop in mining activities.
This looks like an interference from abroad. The usual suspect is always the same: the IMF. This reminds me a lot what happened with El Salvador.
you may be right about interference from abroad but not from IMF. Bitdeer partnered with Bhutan in May 2023 to develop sustainable Bitcoin mining and in 2026 Bitdeer sold all its BTC to fund move into AI data centers (
https://www.coindesk.com/markets/2026/02/23/bitdeer-empties-bitcoin-treasury-as-miners-accelerate-industry-wide-ai-pivot). it is likely that Bitdeer advised Bhutan to switch to AI which they consider more profitable at the moment.
meanwhile Bhutan moved 519.7 BTC to two wallets, including one linked to trading firm QCP Capital. apparently for sale.
https://x.com/arkham/status/2036723492570407354
