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Bhutan Sells 70% of Its Bitcoin Holdings Due to Declining Mining Activities
Bhutan has sold approximately 70% of its Bitcoin (BTC) holdings over the past 18 months, reducing its reserves from around 13,000 BTC in October 2024 to about 3,774 BTC currently. This significant decrease raises questions about the future of the country's state-run mining project, which has been a notable player in the Bitcoin market.
According to Arkham Intelligence, the state investment arm of Bhutan has been gradually liquidating its Bitcoin assets. In 2026 alone, around 215.7 million USD worth of BTC was transferred from Bhutan's wallets. Recent data indicates that Bhutan transferred an additional 250 BTC just 18 hours ago, further depleting its reserves.
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“Bhutan seems to have stopped mining around November 2024,” posted Arkham.
Since 2019, Bhutan has utilized excess hydropower for Bitcoin mining, positioning itself as one of the largest state Bitcoin holders globally. However, it has not recorded any mining inflows exceeding 100,000 USD for over a year, leading to speculation that the kingdom may have completely halted its mining operations.
In summary, Bhutan's drastic reduction in Bitcoin holdings and the potential cessation of mining activities highlight significant shifts in its cryptocurrency strategy.
Bitfarms: Can the Bitcoin Boom Ensure Stable Returns?
Bitfarms, a pure Bitcoin mining company, is heavily reliant on the price of Bitcoin, making it a high-risk investment for those looking to capitalize on the growing blockchain economy. The company operates mining facilities in Canada, the USA, and Latin America, where it benefits from lower electricity costs.
As of April 11, 2026, Bitfarms has been focusing on efficiency and rapid scaling to secure market share. The company's revenue is directly correlated with Bitcoin prices and global hash rates, making it a leveraged play on the cryptocurrency market. However, this lack of diversification means that a Bitcoin crash could significantly impact Bitfarms more than a diversified index.
Analysts from institutions like BMO Capital and HC Wainwright view Bitfarms as a "Buy," emphasizing its cost advantages and expansion potential, although they caution about the inherent volatility in the market.
In conclusion, while Bitfarms presents opportunities for investors willing to take on risk, the volatility of Bitcoin prices and the company's lack of diversification remain critical factors to consider.
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