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The Kingdom of Bhutan deposited 700 BTC into Binance, worth $43.75 million
According to Onchain Lens monitoring, the Kingdom of Bhutan deposited 700 BTC, worth $43.75 million, into Binance (addresses: bc1qk0...ajszl, bc1q3x...kn09u).
The Kingdom of Bhutan may have halted Bitcoin mining activities and shifted to selling electricity to neighboring India.
According to CoinDesk, following the sale of 70% of its Bitcoin holdings, the Kingdom of Bhutan may have halted or slowed down its Bitcoin mining operations—a stark contrast to other major institutions and sovereign nations that are increasing their allocations to cryptocurrencies and gold (El Salvador currently holds over 7,618 BTC). Reportedly, due to economic pressures, Bhutan’s hydropower is now being directed more toward electricity exports to neighboring India rather than Bitcoin mining. Additionally, falling Bitcoin prices, rising network difficulty, and halving-related pressures are all squeezing mining profitability. To date, Druk Holding and Investments—the national sovereign wealth fund managing the Kingdom of Bhutan’s Bitcoin assets—has not issued any public statement regarding the fund transfers or the status of its mining operations.