Bhutan’s state-backed Bitcoin mining strategy turned excess hydropower into a national reserve, allowing the country to accumulate more than 13,000 BTC with little public attention. The script highlights how Bhutan began mining in 2019, when Bitcoin traded near $5,000, and built a position that reportedly grew to roughly 40% of the country’s GDP. The key insight is that Bhutan used Bitcoin not just as a speculative asset, but as a sovereign financing tool. Rather than relying entirely on debt, the country has sold part of its holdings over the past 18 months, including more than $200 million in 2026, to help fund infrastructure while continuing to mine. This reflects a broader shift in how nations may approach digital assets: not only buying Bitcoin, but producing it through domestic
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