Bhutan’s latest bitcoin transfers have revived one of the market’s most bizarre questions regarding sovereign bitcoin: Is the kingdom still mining, or is it now mainly selling from old reserves? Bhutan-linked wallets transferred another $44.44 million in bitcoin, bringing the total transfers from those addresses to $72.3 million over 24 hours, Arkham said, noting that the last Bhutan-related flow of over $100,000 was seen more than a year ago.
It’s these details that turn a routine wallet move into a bigger story. If selected wallets are no longer receiving new mining rewards, the obvious explanation is that the state-backed mining operation in Bhutan may have slowed or stopped. Arkham pushed this line directly, asking whether Bhutan had halted mining after highlighting frequent outward transfers and a long gap in visible inflows.
The selling pattern itself is not new. Arkham had already reported another $27.8 million bitcoin transfer the day before and said Bhutan had also transferred $11 million last week, with roughly the same amount sent to an address previously used for similar transactions. According to Arkham, Bhutan has periodically sold portions of its bitcoin in segments worth approximately $5 million to $10 million, with a particularly active phase in mid-to-late September 2025.
Has Bhutan stopped mining Bitcoin?
Bhutan has just transferred another $44.44 million worth of Bitcoin from its accounts. Bhutan moved $72.3 million worth of Bitcoin out of its addresses in the past 24 hours.
Bhutan’s last inflow of $100,000 worth of Bitcoin was over a year ago. Has Bhutan stopped mining Bitcoin? https://t.co/IhcGDMRH0t pic.twitter.com/qvQuKXXoaU
– Arkham (@Arkham) March 18, 2026
Has Bhutan Really Stopped Bitcoin Mining?
However, the available evidence does not solve the problem on its own. Bhutan has kept its mining activity secret for years. It has only become public through the investigations associated with Celsius Bankruptcy And BlockFi. This history leaves open a more cautious interpretation: DHI may still be operating under the radar And directing new mining rewards to new wallets that have not yet been identified. In other words, the absence of flows to known addresses does not necessarily prove the end of mining.
Another possible explanation is seasonality. The mining model in Bhutan is… It is closely related to hydroelectric powerThe country’s electricity production depends heavily on weather patterns and time of year. During the winter months, reduced rainfall and lower water levels can lead to a noticeable reduction in power generation. In contrast, Bhutan produces a large energy surplus in the summer. In this case, the absence of new flows could reflect a seasonal decline in the amount of surplus electricity available for mining.
This distinction is important because Bhutan has never offered Bitcoin as a short-term trade. In a public statement linked to the Gelephu City of Mind, the state said: “Bitcoin is not held as an object of speculation. It is set aside for a purpose. This is not an experiment. It is a commitment.” These lines suggest a strategic, country-level view of Bitcoin linked to Bhutan’s broader economic and energy model rather than opportunistic treasury management.
However, the recent flows raise legitimate questions about what this strategy now looks like in practice. If Bhutan is still mining, it may simply be doing so through wallets that are no longer publicly associated with the operation. If not, current conversions look less like a portfolio rotation and more like one Continuing reserve liquidation From the stock accumulated during previous years of hydroelectric mining.
The deeper point is not just whether Bhutan has sold another tranche of Bitcoin. The problem is that one of the world’s most closely monitored sovereign Bitcoin holders has become difficult to read the moment his visible wallets show distribution, not accumulation. Until new flows emerge or new wallet infrastructure is identified, the question raised by Arkham will remain open: not whether Bhutan is transporting bitcoin, but whether it is still producing it.
At press time, Bitcoin was trading at $70,394.
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