About this episode
Bhutan, the pioneer of sovereign bitcoin mining, has significantly reduced its holdings, selling off over two hundred fifteen million dollars worth in the past year. Starting with thirteen thousand bitcoin in 2024, they now own less than four thousand, worth around two hundred eighty million dollars. Their mining operations, once powered by cheap hydropower, have likely been paused or shut down, as no mining inflows have been recorded in over a year. In contrast, other nations and firms are increasing their bitcoin holdings, with MicroStrategy recently purchasing four thousand eight hundred seventy-one bitcoin. Bhutans decision to sell comes as bitcoins value hovers near seventy-one thousand dollars, post-halving rewards are down, and mining difficulty is at record highs, making it more profitable to sell power to India than to mine bitcoin.
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