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The country of Bhutan, which gets most of its energy from hydroelectric power plants and is also known for mining bitcoin at these power plants, sold $66.5 million on the Binance exchange yesterday evening. With this sale, Binance became the first cryptocurrency exchange that a country preferred for its transactions. The German and US governments, which had previously sold, preferred exchanges like Kraken and Coinbase.
Bhutan’s last sale was in July. This information is provided by the Arkham Company, which tracks the nation’s wallets.
Bhutan mines about 26 bitcoins per day. Despite the sale, the Bhutanese state still holds about $900 million in bitcoin. This number corresponds to about 35 percent of the country’s gross domestic product (GDP).
The Royal Government of Bhutan conducts bitcoin mining activities in the country through the national investment company “Druk Holdings and Investments”. The Bitdeer company, owned by Chinese Jihan Wu, one of the founders of Bitmain, also operates state-owned mining operations. It is also known that Bitdeer is a company traded on Nasdaq.
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