Bhutan Moves $72M in Bitcoin, Has the Country Stopped Mining BTC?

Bhutan’s Bitcoin strategy is back in focus after millions worth of BTC left its wallets. Over $72 million in BTC left its wallets in just one day, while no major inflows have been seen for over a year, hinting that its Bitcoin mining story may be changing fast.

Bhutan Bitcoin Sell-Off Continues With $72M BTC Outflow

According to data from Arkham Intelligence, the Bhutan government has moved over $72 million worth of Bitcoin within 24 hours. The largest transaction included 595.848 BTC, valued at around $44.44 million, sent to a new wallet. 

Alongside this, a small transfer of 0.0006 BTC was made, likely as a test transaction before the main move.

The latest transfers are not isolated. On March 17, Bhutan transferred 205.53 BTC (around $15.14 million) and another 150 BTC (worth about $11.14 million). These back-to-back transactions show a clear pattern of steady outflows rather than a one-time shift.

Since January 2026, Bhutan has reportedly offloaded over $40 million in BTC, typically in small, staggered tranches to avoid market disruption. Even the recent $72M movement appears structured in a similar way.

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Has Bhutan Stopped Mining Bitcoin?

One of the most important signals comes from the lack of inflows. On-chain data shows Bhutan has not received any Bitcoin inflow above $100,000 in more than a year. This stands in contrast to its earlier activity, where regular mining rewards were credited to its wallets.

Historical transaction records reveal multiple small inflows linked to mining distributions, confirming that Bhutan was actively accumulating Bitcoin through mining in the past. The absence of such inflows now suggests that mining activity may have slowed down or even stopped.

Bhutan Still Holds $330M in BTC Despite Drop in Mining

Despite the ongoing outflows, Bhutan continues to hold a large Bitcoin reserve. Current data shows the country owns around 4,453 BTC, valued at nearly $330 million at current prices.

However, portfolio trends indicate a clear decline from earlier peaks, when Bhutan’s holdings were valued at over $1 billion. This drop reflects consistent selling over time, not just recent activity.

Perhaps, this marks a shift from accumulation to what analysts describe as a “treasury management phase.” 

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