In recent years, Bhutan has attracted global attention with its unique state-led Bitcoin mining model. Leveraging its abundant hydropower resources, the country conducts Bitcoin mining through its state investment agency, Druk Holding and Investments, at nearly zero cost. With extremely low electricity costs, nearly every Bitcoin sold translates into pure profit, making this model an innovative source of national fiscal revenue.
Initially, Bhutan planned to use 10,000 Bitcoins to fund the national sustainable development project “Hot Springs Mindfulness City,” aimed at exploring the application of digital assets in public infrastructure financing. However, as of now, its Bitcoin reserves have dropped to about 5,400, still significantly short of the original target. This change has sparked speculation about the project’s funding arrangements and asset monetization pace, possibly indicating that the government is reassessing its priorities and financial strategies.
Unlike the passive “digital gold” mindset of merely holding Bitcoin, Bhutan has adopted an active and flexible market operation strategy—selling when prices are favorable rather than waiting for market peaks. This dynamic management approach reflects its pragmatic attitude of treating crypto assets as controllable financial tools.
Although a complete sales plan or timetable has not yet been publicly disclosed, Bhutan has validated the feasibility of the “hydropower + Bitcoin” combination in small economies through practice. In the coming years, its experience may serve as a new reference model for other energy-rich countries exploring economic diversification, especially in the track of integrating green energy with digital assets, which holds potential demonstrative significance.