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High in the South Asian Himalayan mountains, between China and India is a country most people have never heard of.
It is a tiny landlocked country with a population of less than a million people and just under 15,000 square miles in size. Just recently, it has become known, this tiny country has been secretly mining Bitcoin.
This tiny country is known as the Kingdom of Bhutan and recently through uncovered bankruptcy documents, its secret Bitcoin mining operations have been revealed.
The Bitcoin mining operations in the Kingdom of Bhutan would have remained a secret however, it was through the BlockFi and Celsius bankruptcy documents it was learned of their Bitcoin Mining operations which were run by the country's official investment arm, Druk Holdings Investments (DHI).
Although Bhutan is a very small country, it is blessed with abundant water. Over the last few decades, the government has utilized this water by building massive hydroelectricity dams, which now account for almost 30% of the country's GDP.
Secretly, a few years ago they decided to use their hydroelectric power to mine Bitcoin.
While it's not known how powerful their Bitcoin mining operations are or why Bhutan has kept it a secret (possibly to keep it from their neighbor - China). It's believed that during Covid, sometime in 2020, when Bhutan closed its borders, they began using their hydroelectricity power to mine Bitcoin - when Bitcoin was still trading at $5,000.
How many other countries are secretly accumulating Bitcoin?
Bitcoin is the world's most valuable and well-known cryptocurrency. There have been a few countries that have publically announced their support of Bitcoin, such as El Salvador, which was the first country in the world to accept Bitcoin as legal tender and has been very public about using their volcanos to power their growing Bitcoin mining operations.
We also know China and Russia have their own massive Bitcoin mining operations as well as the US government is one of the largest holders of Bitcoin in the world.
The big question, is how many countries are secretly accumulating their own Bitcoin reserves? Well, we may never know the true answer to this question, but we do know for certain that Bitcoin is becoming an increasingly important part of any sovereign nation's treasury and reserves.
