Bhutan Offloads $22M in Bitcoin Amid Declining Mining Profitability
The South Asian nation has transferred over $22 million worth of Bitcoin to market makers as mining costs surge and cryptocurrency prices decline.
Bhutan has liquidated more than $22 million in Bitcoin through its state-owned mining operations as deteriorating market conditions and rising production costs impact profitability, according to blockchain analytics platform Arkham.
The country transferred 184 BTC valued at approximately $14 million on Wednesday, following a previous sale of 100.8 BTC worth $8.3 million the prior Friday. Both transactions were sent to crypto market maker QCP Capital, typically indicating asset conversion to liquid markets.
Since initiating Bitcoin mining operations in 2019 using hydroelectric power, Bhutan has accumulated roughly $765 million in the cryptocurrency. However, production costs have approximately doubled following the 2024 Bitcoin halving event, while annual mining output has plummeted from 8,200 BTC in 2023 to significantly lower levels.
The nation's Bitcoin reserves have contracted from a peak of 13,295 BTC in October 2024 to 5,700 BTC currently, dropping Bhutan to seventh place among nation-state holders. The country historically sells Bitcoin in batches of around $50 million, with a previous heavy selling period occurring in mid-to-late September 2025.
Bitcoin has fallen 42.8% from its all-time high of $126,080 in October, trading below $72,000 amid macroeconomic uncertainty and shifting investor sentiment toward safe-haven assets.
Sources
AI-Assisted Content
This article was created with AI assistance. All facts are sourced from verified news outlets.