The Royal Government of Bhutan transferred 929 BTC, worth approximately $66.16 million, to Binance amid a rise in Bitcoin prices. Bhutan currently holds 12,456 BTC, equating to around $891 million. The transfer coincides with recent market gains, and the government has been mining Bitcoin since 2017, harnessing its hydroelectric resources. This move marks an important step in Bhutan’s cryptocurrency strategy following earlier transfers.
The Royal Government of Bhutan recently conducted a notable transaction by transferring 929 Bitcoin (BTC) to the cryptocurrency exchange Binance, amounting to approximately $66.16 million. This action was observed shortly after Bitcoin’s price surpassed $70,000 for the first time since mid-June. Data from Arkham Intelligence, highlighted by Lookonchain, confirmed the transfer occurred through two separate transactions on October 29, suggesting an intention possibly tied to selling, given the recent surge in Bitcoin’s value. Bhutan currently maintains a total of 12,456 BTC, valued close to $891 million, reflective of its strategic holdings. Notably, this transaction marks Bhutan’s first transfer of Bitcoin to a crypto exchange since it deposited 381 BTC to Kraken in July. Additionally, Bhutan’s cryptocurrency wallet had previously transferred 228.8 Ethereum (ETH), worth approximately $600,000, to a Binance hot wallet, leaving an Ether balance of about $1.72 million. Bhutan’s approach to Bitcoin mining is unique, as it has been actively mining the cryptocurrency since 2017, utilizing its abundant hydroelectric resources for sustainable operations. The government’s initiative in this sector has positioned Bhutan as the fifth-largest national holder of Bitcoin, following the United States, China, the United Kingdom, and Ukraine. The Bhutanese government, recognizing Bitcoin mining as a potential revenue source amidst declining tourism due to the COVID-19 pandemic, has partnered with Bitdeer, a Nasdaq-listed mining firm, to cultivate a carbon-neutral Bitcoin mining environment. The funds derived from these mining operations have contributed to economic resilience, including an enhancement of salaries for government officials.
To better comprehend the significance of Bhutan’s Bitcoin transactions, it is essential to understand the country’s proactive stance on cryptocurrency mining since 2017. Bhutan has leveraged its hydropower capabilities, fostering an environmentally sustainable mining framework. The country has experienced a strategic pivot towards cryptocurrency as a means to offset losses in tourism revenues caused by the COVID-19 pandemic. Bhutan’s recommendation partnership with Bitdeer to develop carbon-free mining signifies its dedication to eco-friendly practices in the cryptocurrency sector. The government’s robust approach to cryptocurrency investments positions it advantageously in the global markets.
Bhutan’s recent transfer of 929 BTC to Binance highlights its growing engagement in the cryptocurrency market, particularly as Bitcoin prices surge. While the exact motives behind the transfer remain unspecified, the government has been progressively building its Bitcoin reserves through sustainable mining practices and strategic partnerships. This initiative not only reflects Bhutan’s economic adaptability but also its ambition in the crypto space, positioning it among the foremost national holders of Bitcoin globally.
Original Source: cryptopotato.com
