Bhutan Transfers 367 BTC to Binance
Date: 2024-11-15 Author: Oliver Abernathy Categories: BUSINESS, IN WORLD
Earlier, on October 29, the country had already made a similar transaction, sending 935 BTC ($66.4 million), and on July 1, 381 BTC ($24.1 million) arrived at Kraken. The reason for the latter transaction is unknown, but deposits to centralized exchanges are often associated with sales.
Bhutan currently holds $1.11 billion in crypto assets. The funds are managed by the state investment fund Druk Holding & Investments, which allows the country to occupy fifth place in the world ranking of bitcoin holders, according to Bitcoin Treasuries.
A distinctive feature of Bhutan is the active use of hydropower resources for bitcoin mining. Unlike many countries that replenish their reserves through confiscations, the “dragon kingdom” actively mines cryptocurrency.
Forbes previously called Bhutan “crypto Shangri-La” due to the fact that the authorities allocate land, resources and funding for the development of mining. Thus, in July 2023, Bitdeer completed the construction of a mining center in the Gedu region.
