Bhutan’s state-backed Bitcoin mining strategy turned surplus hydropower into a major national asset, with the country quietly accumulating more than 13,000 BTC after starting operations in 2019. By mining when Bitcoin was near $5,000, Bhutan built holdings reportedly worth around 40% of its GDP without public attention or broad domestic awareness. The key insight is that Bhutan used Bitcoin not just as a reserve asset, but as a financing tool. Instead of relying entirely on debt, the government has reportedly sold part of its BTC holdings over the past 18 months, including more than $200 million in 2026, to support infrastructure and public spending. This reflects a broader shift in how smaller nations may approach digital assets: not only buying Bitcoin, but producing it through energ
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