Bhutan has moved another $22.3 million worth of Bitcoin mined by its state-run operation as falling prices and worsening mining economics squeeze profitability. Blockchain analytics firm Arkham reports the kingdom transferred 184 BTC (about $14 million) midweek and 100.8 BTC (about $8.3 million) the previous Friday. Both transfers were routed to crypto market maker QCP Capital, which often converts crypto holdings into liquidity.
Bhutan began commercial Bitcoin mining in 2019, primarily using hydropower, and Arkham estimates the country has accumulated roughly $765 million in Bitcoin since then. But mining has become more expensive: Arkham’s data indicate the estimated cost to mine a single BTC has roughly doubled since the 2024 halving, and annual production has fallen sharply from 2023 levels—when Bhutan mined about 8,200 BTC.
As a result, Bhutan’s reserves have dropped from a peak of 13,295 BTC in October 2024 to roughly 5,700 BTC today. Bitcoin Treasuries now ranks Bhutan seventh among nation-states by Bitcoin holdings, behind the United States, China, the United Kingdom, Ukraine, El Salvador and the UAE. Arkham adds that Bhutan tends to liquidate in roughly $50 million tranches, noting a prior heavy selling period in mid-to-late September 2025. Cointelegraph contacted Druk Holding and Investments, the state entity overseeing the Bitcoin program, but received no immediate reply.
The sales come amid a broader pullback in crypto markets: Bitcoin has slid about 42.8% from its $126,080 all-time high in October to below $72,000, and market sentiment has cooled to levels similar to mid-2022. Analysts link the decline to a mix of macro and policy pressures—U.S. government shutdown risks, geopolitical and trade tensions, delayed crypto market-structure legislation in Washington—and a rotation of some capital into traditional safe havens such as gold and silver despite elevated global liquidity.
Technical and security concerns have compounded negative narratives. Reports flag quantum computing as a potential future threat to Bitcoin’s cryptographic model, and the network hashrate has fallen below 1 zetahash per second as some miners shut off unprofitable rigs. Cointelegraph notes this article follows its editorial policy and encourages readers to verify details independently.