Bhutan Sells 70% of Bitcoin Holdings Amid Mining Viability Concerns
- Bhutan transferred approximately 319.7 BTC, valued at $22.68 million, to two addresses on a recent Thursday.
- The kingdom’s bitcoin holdings have decreased from about 13,000 BTC to 3,954 BTC, marking a reduction of around 70% over the past year and a half.
- This year alone, Bhutan has moved out $215.7 million in bitcoin from its holding addresses.
- The last significant inflow into Bhutan’s bitcoin holdings was over a year ago, raising questions about the status of its mining operations.
- Current market conditions show that mining profitability has decreased due to high network difficulty and lower bitcoin prices.
Bhutan’s decision to liquidate its holdings contrasts with other major players in the market who are accumulating assets instead of selling. The shift in strategy may reflect the challenges of maintaining a profitable mining operation under current economic conditions.
With only 3,954 BTC remaining, Bhutan’s current holdings are less than what some larger entities purchase weekly, highlighting its rapid divestment in the cryptocurrency space.Source
