Bhutan offloads over $22M in self-mined Bitcoin to QCP Capital amid price drop and rising costs

The Royal Government of Bhutan has sold more than $22 million worth of Bitcoin mined through its state-run program to QCP Capital as the asset's price falls and mining becomes less profitable. Bhutan's BTC reserves have reportedly declined from an October peak of 13,295 BTC to about 5,700 BTC, while the 2024 halving has pushed up marginal production costs and reduced new coin output. Analysts say the combination of weaker Bitcoin prices and broader economic uncertainty is driving both Bhutan and global investors toward safer assets such as gold and silver.