Arkham Intelligence: Bhutan Holds Larger BTC Reserves Than El Salvador
-
Altcoin News
Bitcoin news
Blockchain News
blog
DeFi News
Exchange News
General
Market News
Prediction
Без рубрики
Johny Smith
2024/10/07
3 mins read
Bhutan holds reserves of the flagship crypto asset that are 2 times larger than El Salvador. This was reported by analysts from Arkham Intelligence. During the investigation, they referred to a group of addresses that may belong to Bhutan. According to experts, most of the coins were obtained through mining. It is also alleged that the country owns more than 650 Ethereum, which at the current rate is valued at $1.5 million. Arkham Intelligence analysts were able to additionally detect Binance Coin and Polygon, which are contained in profile accounts of the Kingdom of Bhutan.
Experts emphasized that they assessed the chronology of activity during the mining of digital assets by referring to satellite images. They were taken near Education City, which is currently closed.
According to economists, Bhutan’s gross product will reach $3 billion in 2024. Consequently, the income received from mining is estimated at about a quarter of the country’s GDP. Specialists from Cointelegraph contacted Bhutanese officials for comment, but there was no response.
According to media reports, Bhutan began mining crypto using geothermal energy in the spring of 2019. At that time, the cost of the main digital coin was estimated at an average of $500. This fact significantly distinguishes Bhutan from El Salvador.
For example, El Salvador began buying bitcoins at the end of 2021, when the coin was trading at $51,000. The country’s president has repeatedly emphasized that the state has about 5,875 bitcoins in its account. This is almost 2 times less compared to Bhutan.
Bhutan is landlocked and lies on the eastern foothills of the Himalayas. The country’s population is estimated at 790 thousand people. For reference: more than 6 million citizens live in El Salvador.
Error in the text? Select it with the mouse and click Ctrl + Enter
32