Bhutan Sovereign Bitcoin Mining Halted event

Event · PageRank 0.0015

Also known as: Bhutan BTC mining stop, DHI mining halt

Overview

Bhutan's sovereign wealth fund, Druk Holding and Investments, ran a state bitcoin mining programme powered by the kingdom's hydroelectricity. Reporting in April 2026, based on on-chain analysis, indicated that the mining operation appeared to have stopped, with no substantial mining inflows to Bhutan-linked wallets for more than a year, and that the state had sold about 70% of its bitcoin over roughly 18 months, reducing holdings from around 13,000 BTC in October 2024 to under 4,000 BTC. Analysts attributed the wind-down to thinner margins after the April 2024 halving and rising network difficulty, alongside the higher returns available from exporting hydroelectric power to India.

Within the DeFi Intel graph, Bhutan Sovereign Bitcoin Mining Halted connects to 2 tracked entities, most strongly to Bhutan, Druk Holding & Investments.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

Who ran Bhutan's bitcoin mining?

Druk Holding and Investments, the kingdom's state-owned holding company and sovereign wealth fund, using hydroelectric power.

What evidence suggested mining had stopped?

On-chain analysis reported in April 2026 found no significant mining inflows to Bhutan-linked wallets for over a year, alongside large outbound transfers of previously held bitcoin.

Why would Bhutan wind down mining?

Reporting cited squeezed margins after the April 2024 halving and rising network difficulty, plus the greater profitability of exporting hydroelectricity to India.