Bhutan Sovereign Bitcoin Mining Halted event
Overview
Druk Holding and Investments, the sovereign wealth fund of Bhutan, previously operated a state-run bitcoin mining initiative using the country’s hydroelectric power. On-chain data published in April 2026 showed that the mining activity had ceased, with no significant bitcoin inflows to addresses linked to Bhutan for over one year. The fund had also sold approximately 70% of its bitcoin holdings over a period of roughly 18 months, decreasing its position from about 13,000 BTC in October 2024 to fewer than 4,000 BTC. Analysts linked the reduction to compressed margins following the April 2024 halving and increased network difficulty, as well as the greater profitability of exporting hydroelectric power to India.
Within The Counterparty graph, Bhutan Sovereign Bitcoin Mining Halted connects to 2 tracked entities, most strongly to Bhutan, Druk Holding & Investments.
Relations
Top connections in The Counterparty knowledge graph (confidence-weighted, 2 of 2 total).
| Relation | Connected entity | Confidence |
|---|---|---|
launched | Bhutan | 85% |
launched | Druk Holding & Investments | 85% |
Sources
Facts in this record were checked against the following. Where a claim is not covered here, the record states only what the graph holds.
Questions on the record
What on-chain data indicated a cessation of mining activity?
Analysis published in April 2026 showed no material mining inflows to wallets associated with Bhutan for more than one year, and substantial outgoing transfers of existing bitcoin holdings.
What factors were cited for the decision to halt mining?
The decision was attributed to reduced profit margins following the April 2024 halving and increased network difficulty, as well as the higher returns available from exporting hydroelectricity to India.