Bhutan sells 70% of its Bitcoin, may have halted mining

Bhutan has sold approximately 70% of its Bitcoin holdings over the past 18 months and may have also ceased its mining operations, CoinDesk reported. The country, which had amassed around 13,000 BTC through hydropower-based mining by October 2024, now holds just 3,954 BTC. The lack of any significant BTC inflows for over a year suggests that mining activities have been suspended. The nation's sovereign wealth fund, Druk Holding & Investments, has not issued an official statement on the matter. The media outlet noted that selling hydropower to neighboring India may now be more profitable for Bhutan than mining. It added that factors like price, mining difficulty, and the halving are eroding the profitability of small-scale, state-run Bitcoin mining operations.