Here’s Which Countries Lead in State-Held Bitcoin Reserves

Recent data reveals that Bhutan has unexpectedly taken the lead in state-held Bitcoin (BTC) reserves, boasting $782.46 million, significantly outpacing El Salvador, which holds $351.75 million.

With a population of only 782,000, Bhutan’s Bitcoin assets are more than double those of El Salvador, which has 6.3 million residents. This achievement places Bhutan third on the Sovereign Bitcoin Assets Leaderboard, following the US ($12.16 billion) and the UK ($3.67 billion).

Bhutan’s substantial Bitcoin reserves stem from its burgeoning mining industry, which began in April 2019 when BTC was valued around $5,000. The country’s sovereign investment entity, Druk Holding & Investments, initiated its mining efforts at that time. Utilizing its abundant hydropower resources, Bhutan has established large-scale mining operations.

The country’s Himalayan glacier-fed rivers provide a significant source of clean energy, with a potential hydroelectric capacity of 23,760 MW.

Hydropower constitutes 30% of Bhutan’s GDP, and in 2003, nearly all of the nation’s electricity—99.5%—was derived from hydropower. This robust clean energy framework enables Bhutan to expand its Bitcoin mining endeavors while adhering to its environmental commitments.

To illustrate Bhutan’s hydroelectric potential, its total capacity could power over 17 million American homes, more than double the energy requirements of a city like New York.