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Bhutan offloads over $22M in Bitcoin as post-halving mining expenses nearly double

On 4 February 2026 and 30 January 2026, Bhutan executed two Bitcoin transfers to QCP Capital totaling more than $22 million, reducing its holdings as on-chain data attributed to Arkham Intelligence shows. Since the April 2024 halving cut block rewards from 6.25 BTC to 3.125 BTC, the country's average production cost per Bitcoin has climbed to $37,856, while its overall reserves have declined from 13,295 BTC in October 2024 to 5,700 BTC by February 2026.
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