Signs of a Pullout in a Country That Has Been Mining Bitcoin for Months: It Sold Most of Its BTC and Is No Longer Mining

Bhutan, the small Himalayan kingdom in Asia, has recently made a remarkable shift in its Bitcoin (BTC) strategy.

According to data suggesting the end of the country’s dominant mining enterprise, Bhutan has divested approximately 70% of its Bitcoin reserves in the past 18 months.

Bhutan’s sovereign wealth fund, Druk Holding and Investments, held approximately 13,000 Bitcoin in October 2024, but according to current data, this amount has decreased to 3,954 BTC. With a current market value of approximately $280.6 million, this reserve represents a decrease of about 70% overall. It is also noted that approximately $215.7 million worth of Bitcoin was transferred in 2026 alone.

On the other hand, Bitcoin mining activities in the country also appear to have slowed down significantly. According to on-chain data, it has been more than a year since Bhutan last generated over $100,000 in mining revenue. Furthermore, Druk Holding has not made any new statements on this matter.

According to experts, the main reason for this pullback is economic pressures. Bhutan used to utilize its hydroelectric resources for Bitcoin mining. However, the drop in Bitcoin’s price from around $90,000 to approximately $71,000, the network difficulty reaching historical highs, and the halving-induced block reward falling to 3,125 BTC, significantly reduced the profitability of small-scale state-owned mining operations in particular.

Analysts believe that Bhutan’s direct sale of hydroelectric power to India may have become more profitable than Bitcoin mining. This strategic shift is noteworthy given that global institutional investors are turning to Bitcoin.

Indeed, MicroStrategy invested approximately $330 million last weekend, purchasing an additional 4,871 BTC. During the same period, there was a net inflow of approximately 50,000 BTC into US spot Bitcoin ETFs in March. The fact that Bhutan’s current reserves are even less than MicroStrategy’s weekly purchases makes the country’s retreat in its Bitcoin strategy even more apparent.

*This is not investment advice.