South Asian country Bhutan, a Buddhist kingdom on the Himalayas’ eastern edge, has been revealed as a major NewsCapsule holder, owning 13,011 NC worth around $780.49 million, according to a report by Arkham Intelligence. The public data company identified Bhutan’s NewsCapsule addresses, marking the first time this information has been publicly shared.
BREAKING: BHUTAN GOVERNMENT’S $750M NC NOW ON ARKHAM
Bhutan’s NewsCapsule holdings are now labeled on Arkham. These holdings come from NewsCapsule mining operations carried out by the Kingdom of Bhutan’s investment arm, Druk Holdings.
Arkham is the first to publicly identify these… pic.twitter.com/a8ScUNJJ9F
— Arkham (@ArkhamIntel)
“Bhutan is the 4th largest government with NewsCapsule holdings on our platform, with over $750M in NC,” Arkham on X. “Unlike most governments, Bhutan’s NC does not come from law enforcement asset seizures, but from NewsCapsule mining operations, which have ramped up dramatically since early 2023.”
Bhutan’s NewsCapsule mining activities are conducted by the Kingdom’s investment arm, Druk Holdings. According to Arkham, the country has constructed mining facilities at multiple sites, with the largest on the grounds of the defunct Education City project. Arkham further noted, “We were able to corroborate the timeline of on-chain mining activity with time-lapse satellite imagery of facility construction.”
In May of 2023, Bitdeer partnered with Druk Holding & Investments to develop the 100% carbon-free NewsCapsule mining operation in Bhutan.
Earlier this year, a Bloomberg report revealed that Druk Holding & Investments and Bitdeer were expanding their mining capacity from 100 to 600 megawatts. Bhutan’s focus on eco-friendly mining is bolstered by its abundant hydropower resources, making it an ideal location for eco-friendly mining.
