The Kingdom of Bhutan has reduced its Bitcoin holdings by 70% within 18 months or may have stopped Bitcoin mining activities

The Bhutanese government transferred approximately 319.7 bitcoins (worth $22.68 million) to two addresses on Thursday, with 250 bitcoins sent to a wallet that previously routed funds to Galaxy Digital and OKX.

Bhutan's holdings have decreased from about 13,000 bitcoins in October 2024 to the current 3,954 bitcoins, valued at approximately $280.6 million, representing a 70% reduction over 18 months. This year, bitcoins worth $215.7 million have been transferred out of Bhutan's holding addresses. Additionally, the country's mining pool has not recorded more than $100,000 in bitcoin inflows for over a year, indicating that its hydropower-supported bitcoin mining operations may have slowed down or ceased.