Bhutan has sold over $22 million in Bitcoin from its state-owned mining venture amid falling prices and worsening mining conditions. The country transferred 184 BTC worth $14 million and another 100.8 BTC worth $8.3 million to crypto market maker QCP Capital. Bhutan has accumulated $765 million in Bitcoin since 2019, primarily using hydroelectric energy.

The cost to mine 1 Bitcoin has doubled since the 2024 halving, leading Bhutan to mine less Bitcoin than in 2023. Bhutan’s Bitcoin holdings have dropped from 13,295 BTC to 5,700 BTC, ranking it seventh in Bitcoin holdings among nation-states. The country periodically sells Bitcoin in batches of around $50 million.

Bitcoin has fallen 42.8% from its ATH to below $72,000 due to US government shutdowns, President Trump’s actions, and stalled crypto market legislation. Global liquidity is high, but investors are moving to safe havens like gold amid macroeconomic uncertainty. Quantum computing risks and falling network hashrate are also impacting Bitcoin.

Read more at Cointelegraph: Bhutan Sells $22.3M Bitcoin As Mining Conditions Worsen