Bhutan’s state-backed Bitcoin mining strategy turned surplus hydropower into a national reserve asset, creating one of the largest sovereign BTC holdings relative to the size of its economy. Starting quietly in 2019, the country reportedly mined more than 13,000 Bitcoin, building a position worth roughly 40% of GDP without drawing major public attention. The key insight is that Bhutan did not rely on open-market Bitcoin purchases. It used domestic renewable energy to mine BTC at scale, then began selling part of those holdings to fund infrastructure and public spending without taking on debt. In 2026 alone, more than $200 million is described as having entered the market from these sales. This story highlights a broader shift in how smaller nations may use energy, digital assets, and s
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