Bhutan has transferred $22.4M of Bitcoin out of their wallets in the past week to sell. Their transfer 5 days ago was sent directly to the labeled addresses of market maker QCP Capital. From our observations, Bhutan periodically sells BTC in clips of around $50M, with a particularly heavy period of selling around mid-late September 2025.Bhutan has been mining Bitcoin since 2019, and has produced over $765M in BTC profit. We roughly estimate Bhutan’s total energy cost of mining to be ~$120M. I
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Bhutan has transferred $22.4M of Bitcoin out of their wallets in the past week to sell. Their transfer 5 days ago was sent directly to the labeled addresses of market maker QCP Capital. From our observations, Bhutan periodically sells BTC in clips of around $50M, with a particularly heavy period of selling around mid-late September 2025.Bhutan has been mining Bitcoin since 2019, and has produced over $765M in BTC profit. We roughly estimate Bhutan’s total energy cost of mining to be ~$120M. I