The Royal Government of Bhutan has been steadily selling Bitcoin, including another $6.7 million this week, as part of ongoing periodic liquidations that follow heavier sales in September and beyond. After expanding mining plans with Bitdeer Technologies to boost capacity toward 600 MW, on-chain data shows Bhutan’s mining output dropped after the April 2024 halving, making mining less efficient. Despite these sales, identified government wallets still hold roughly $372 million worth of BTC, reflecting a gradual shift from mining accumulation toward strategic reserve management amid market challenges.
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