The Land of the Thunder Dragon—The Kingdom of Bhutan’s Crypto Mining Road The only neighboring country that does not have diplomatic relations with China is the Kingdom of Bhutan, a small country sandwiched between the Asian countries of China and India. Because it is located at the foothills of the Himalayas, lightning and thunder occur frequently. The Bhutanese believe that thunder is a dragon. It is shouting with infinite power. Therefore, the Bhutanese call their country the "Dragon Kingdom" and use the dragon as the main pattern of their national flag. The national anthem is also named "Thunder Dragon Kingdom". It’s hard to associate cryptocurrencies with Bhutan, once one of the world’s least developed countries. The source of the news that exposed this strange combination came from the discovery of the name of Bhutan’s state-owned commercial holding company (DHI) from the public list of bondholders after the collapse of two well-known crypto lending institutions, BlockFi and Celsius, during this year’s bear market. DHI said that amid this thunderstorm among lending institutions, because it has loaned out other assets for investment, all funds have been repaid. And as early as 2019, when Bitcoin was worth US$5,000, DHI had already started investing in Bitcoin mining. Therefore, DHI did not incur any losses. If all this is true, then Bhutan is actually the first state-level institution to directly own a cryptocurrency as a sovereign fund. Why does Bhutan, known as the last Himalayan kingdom, have such a deep connection with cryptocurrency? Tourism is one of the main sources of GDP in the Kingdom of Bhutan, and the Bhutanese government even stipulates that the minimum consumption per person per day upon entry is US$200-250. However, the Kingdom of Bhutan’s tourism industry alone cannot afford free medical care and free education for its citizens. The biggest feature of the Kingdom of Bhutan is its abundant water resources. The melting snow from the 6,000-meter snow-capped mountains in the north of Bhutan and the large amount of rainfall brought by the annual monsoon flow into the large and small rivers in Bhutan, making Bhutan extremely rich in water conservancy resources. The entire country seems to be located in a huge hydropower station. As early as 2016, Bhutan achieved 100% electricity coverage, which even neighboring India has not achieved. In 2021, Bhutan's national power generation capacity was 10.82 billion kilowatt hours, exports were 8.075 billion kilowatt hours, accounting for 15.6% of GDP, and hydropower profits accounted for 60% of the Bhutanese government revenue.The current survey shows that the water conservancy resources available in the entire territory of Bhutan are ten times those currently developed. Such huge potential and resource-rich clean energy has laid the foundation for Bhutan’s crypto mining. Hydropower resources are tantamount to a gold mine for Bitcoin miners. This neighboring country with rich hydropower resources is undoubtedly a good choice for Chinese encryption miners who have been hit in recent years. Bhutan’s trade data shows that between 2020 and 2021, chip imports from China and Hong Kong exceeded US$220 million. In 2022, the import volume even exceeded 15% of the Bhutanese government’s annual budget. These data may indicate that Chinese miners and Bhutan has been linked to the growth of crypto mining in recent years. BitDeer x Kingdom of Bhutan On April 14, 2023, Bitdeer Technologies, founded by Jihan Wu who left Bitmain, completed its merger with Blue Safari Group Acquisition Corp and was listed on Nasdaq in the United States with the stock code "BTDR". Not long after its listing, BitDeer announced its cooperation with Bhutan's DHI to establish a closed-end fund (the "Fund") with an estimated scale of up to US$500 million. The first phase of the fund construction project will raise 80 million US dollars, with a converted computing power value of approximately 20EH/s (accounting for approximately 5.2% of the global total computing power) The Bitdeer Q3 report in November 2023 shows that the GeDu data center in Bhutan provides Bitdeer with 100 megawatts of power generation, supports the operation of 30,000 mining machines, and will provide 3.3EH/S computing power for Bitdeer, and is continuing to expand. Thanks to the launch of the GeDu data center in the Kingdom of Bhutan, the number of Bitdeer's own ASIC mining machines has increased to 92,000. However, due to the seasonal factors of hydropower generation in the Kingdom of Bhutan, during the dry winter, even Bhutan itself may need to import energy from neighboring countries. Therefore, an agreement was reached between Bitdeer and Bhutan DHI that domestic demand will be given priority during the winter. , when power generation declines, mining operations may be shut down. The Kingdom of Bhutan’s exploration of the cryptocurrency market is also partly due to the Covid-19 pandemic that caused a major blow to the Kingdom’s tourism industry in the previous two years. Not only that, young people and professionals from Bhutan are immigrating to countries such as Australia and Canada at an unprecedented rate. The stagnation of economic growth has forced the Kingdom of Bhutan to seek new growth points in the field of digital economy. The current results show that the Kingdom of Bhutan’s bet on cryptocurrency has achieved initial success, bringing income to the country while also providing local benefits. Citizens create jobs. We have reason to believe that more and more underdeveloped countries may benefit from this decentralized cryptocurrency-Bitcoin. In a sense, these signs prove that the development of Bitcoin is galloping in the direction Satoshi Nakamoto hoped. Some of the above data and content come from Bitdeer public reports and Forbes reports $BTC $BTDR

Coinspeaker 10-Year US Treasury Yields Surge Past 5% Again, Dow Futures Crash 200 Points Macro pressure continues to hover over Wall Street as the 10-year US Treasury yields surged higher even today on Monday, October 23. The treasury yields continue to hover at multi-year highs as investors prepare for higher-for-longer interest rates from the Federal Reserve. Around 5:54 a.m. ET, the yield on the 10-year Treasury note, considered the benchmark, increased by 9 basis points to reach 5.014%. Similarly, the yield on the 30-year Treasury bond rose by approximately 8 basis points to reach 5.173%. It’s essential to note that yields move inversely to bond prices. This marks the first time since July 2007 that the 10-year yield surpassed the 5% threshold. This surge followed the remarks from Federal Reserve Chairman Jerome Powell, emphasizing the central bank’s unwavering commitment to reducing inflation sustainably to 2%, even if it requires lower economic growth. Futures tied to the federal funds rate are currently indicating a 98% likelihood that the central bank will keep its main interest rate unchanged within the target range of 5.25% to 5.5% at its upcoming monetary policy meeting. Furthermore, there are scheduled auctions on Monday for $75 billion worth of three-month Treasury bills and $68 billion worth of six-month bills. Dow Futures Tank 200 Points On Monday, stock futures faced a decline as Treasury yields saw an increase, and traders geared up for the forthcoming corporate earnings reports from major tech industry players. Futures linked to the Dow Jones Industrial Average experienced a drop of 227 points, equivalent to 0.7%. Similarly, S&P 500 futures and Nasdaq 100 futures lost 0.8% and 0.9%, respectively. Wall Street is coming off a challenging week, with the S&P 500 concluding the week 2.4% lower, marking its first weekly loss in three weeks. The Dow Jones Industrial Average saw a 1.6% decline, while the Nasdaq Composite registered its second consecutive weekly loss, falling by 3.2%. The upcoming week ushers in earnings season, with several major tech giants, including Alphabet (NASDAQ: GOOGL), Amazon.com (NASDAQ: AMZN), Meta Platforms Inc (NASDAQ: META), and Microsoft Corp (NASDAQ: MSFT), set to disclose their financial results. These earnings reports are highly anticipated by investors as they are expected to provide significant insights into the stock market. Ryan Detrick, chief market strategist at Carson Group, however, showed some optimism. He said: “We’re hopefully going to see some continued positive strength there on the economy and what they see going forward. The headlines are scary, for sure. But the fundamentals to us are pretty strong. We’re still seeing earnings season that’s going to come in better than expected.” Higher Treasury Yield Can Impact Ethereum Elevated treasury yields usually impact risk ON assets like crypto. However, they seem to have impacted Ethereum much more than Bitcoin. Crypto investors have the opportunity to earn rewards by staking Ether tokens to support the operation of the Ethereum blockchain, which some consider a potential factor to bolster the coin’s value. However, the staking rewards on these pledged tokens have dwindled to an annualized rate of 3.5%, reaching levels near the lowest recorded in the past ten months and significantly below the recent peak of over 8%. This return also falls behind the 5% yields offered by US government bonds, which form the foundation of the traditional financial system. This disparity highlights how the allure of the occasionally volatile crypto market has diminished due to the departure from the ultra-low interest rates that were prevalent during the pandemic. next 10-Year US Treasury Yields Surge Past 5% Again, Dow Futures Crash 200 Points

The top 20 Bitcoin holders as of September 23, 2023 Satoshi Nakamoto (estimated 750,000–1.1 million BTC) Coinbase (948,000 BTC) #Binance (643,546 BTC) Grayscale (627,779 BTC) US Government (207,189 BTC) Mt. Gox (200,000 BTC) Bitfinex (196,252 BTC) China State Assets (194,000 BTC) MicroStrategy (152,800 BTC) Block.one (140,000 BTC) Robinhood (118,300 BTC) Marathon Digital Holdings (11,466 BTC) Tesla (9,720 BTC) Hut 8 Mining Corp. (8,432 BTC) Block Inc. (8,007 BTC) Coinbase (5,983 BTC) Gemini (5,500 BTC) Voyager Digital (5,319 BTC) Galaxy Digital Holdings (4,722 BTC) BitMEX (3,700 BTC) Before now, Satoshi was the number one #bitcoin holder, followed by Binance. However, data from Arkham intelligence shows that there are two other big players in the game. Coinbase apparently holds almost 1 million Bitcoins, and Grayscale holds over 600,000 Bitcoins worth more than $20 billion! Where do you think you rank on the list of top Bitcoin holders? Top 1,000? Share your thoughts below. #crypto2023 #BTC

The top 20 Bitcoin holders as of September 23, 2023 Satoshi Nakamoto (estimated 750,000–1.1 million BTC) Coinbase (948,000 BTC) #Binance (643,546 BTC) Grayscale (627,779 BTC) US Government (207,189 BTC) Mt. Gox (200,000 BTC) Bitfinex (196,252 BTC) China State Assets (194,000 BTC) MicroStrategy (152,800 BTC) Block.one (140,000 BTC) Robinhood (118,300 BTC) Marathon Digital Holdings (11,466 BTC) Tesla (9,720 BTC) Hut 8 Mining Corp. (8,432 BTC) Block Inc. (8,007 BTC) Coinbase (5,983 BTC) Gemini (5,500 BTC) Voyager Digital (5,319 BTC) Galaxy Digital Holdings (4,722 BTC) BitMEX (3,700 BTC) Before now, Satoshi was the number one #bitcoin holder, followed by Binance. However, data from Arkham intelligence shows that there are two other big players in the game. Coinbase apparently holds almost 1 million Bitcoins, and Grayscale holds over 600,000 Bitcoins worth more than $20 billion! Where do you think you rank on the list of top Bitcoin holders? Top 1,000? Share your thoughts below.

Here are the main points:Bitcoin started in 2009 and is the most popular digital money that uses blockchain technology.The person who made Bitcoin, known as Satoshi Nakamoto, probably has the most Bitcoins.Some famous rich people with Bitcoin are the Winklevoss twins, big companies like MicroStrategy, and countries like the United States and China.As of september 28, 2023, Bitcoin was the biggest cryptocurrency, worth around $516.85 billion. People were always curious about who had the most Bitcoins and how much they were worth.Back in April 2021, when cryptocurrencies were really popular, there were more than 1.3 million people who had Bitcoin, up from just 1,000 in July 2010. By March 14, 2023, there were still over a million Bitcoin holders. But it's not just regular people buying Bitcoin.A while ago, people didn't think big companies would buy Bitcoin and keep it in their savings. They thought Bitcoin was too risky and weird for that. But in the past two years, some major companies have actually bought a lot of Bitcoin.Since Bitcoin started in 2009, it made some people really rich, even billionaires. But we don't know for sure who has the most Bitcoin because the owners' names are secret. We can only know if they tell us how much they have.Individuals with The Largest Bitcoin Holders.1. Winklevoss Twins: Cameron and Tyler Winklevoss co-founded Gemini, a cryptocurrency exchange in 2014. They became known for accusing Mark Zuckerberg of stealing their social network idea. They invested in Bitcoin using $65 million they received in a court settlement with Zuckerberg in 2013. At that time, they claimed to own 1% of all Bitcoin. However, a cryptocurrency exchange failure in November 2022 caused them to lose over 60% of their Bitcoin wealth.2. Michael Saylor: He's the founder of a company called MicroStrategy, which makes business analytics software. In the late 1990s, during the internet boom, Saylor became very rich because he owned a lot of MicroStrategy's stock. But later, the SEC (a government agency) accused his company of accounting problems and fined them $11 million. The value of the company's stock dropped, and Saylor lost $6 billion in net worth. Nowadays, he's a big supporter of Bitcoin, calling it a kind of online bank that anyone can use. He and his company have invested a lot in Bitcoin.3. Satoshi Nakamoto: This is the name of the person or group that created Bitcoin. Nobody knows who they really are because they've kept their identity secret. Before Bitcoin even existed, they wrote a paper about it and shared it in 2008. In this paper, they described a way for people to send money to each other online without needing a bank. They're believed to have the most Bitcoins and were probably the first person or group to mine them.4. Tim Draper: He's a venture capitalist who's a big fan of Bitcoin. He's invested in many famous tech companies like Twitter, DocuSign, and Coinbase. In 2014, he bought a lot of Bitcoins that the U.S. government had taken from an illegal online market called Silk Road. Draper paid around $632 for each Bitcoin. He's all for the idea that Bitcoin should be decentralized and not controlled by governments.Publicly Traded Companies With the Largest Bitcoin Holdings 1. Tesla (TSLA): Tesla, the big electric car and clean energy company run by billionaire Elon Musk, started buying Bitcoin in February 2021. They said they did it to have more flexibility with their money and make more profits. Tesla even began accepting Bitcoin as payment for their cars, which made them the first major car company to do that. Nowadays, Tesla is investing in other cryptocurrencies like Dogecoin.2. MicroStrategy (MSTR): In August 2020, a company called MicroStrategy started buying Bitcoin because they were worried that things like the pandemic, government money printing, and political uncertainty might make the U.S. dollar lose value. The CEO of MicroStrategy, Michael Saylor, said they believed Bitcoin was a reliable way to store value and a good investment for the long term instead of just keeping cash.3. Hut 8 Mining Corp (HUT): Hut 8 Mining Corp is a company that helps create digital money by using powerful computers. They're based in North America and have big computer centers in Canada. In February 2023, they joined with another company called US Bitcoin to become "New Hut." This made them even bigger, with lots of computer power for creating cryptocurrencies. They now have the ability to create a lot of Bitcoin on their own, and they operate in places like Alberta, New York, and Texas.Private Companies  With the Largest Bitcoin Holdings .1. Block.one: Block.one is a software company known for its advanced blockchain solutions. They created EOSIO, a technology that helps with secure data transfer and powerful decentralized apps. In 2018, they raised an incredible $4 billion by selling their own cryptocurrency, EOS.2. The Tezos Foundation: This is a nonprofit organization that supports the Tezos blockchain network. They've been around since 2018 and manage the money they got from selling Tezos tokens to help Tezos grow. Their CFO, Roman Schnider, really likes Bitcoin and thinks it's an important way to store value.3. Tether Holdings: Tether Holdings is closely involved with Tether (USDT), a stablecoin. They make and manage Tether tokens, which are linked to various blockchains like Bitcoin and Ethereum. Each Tether token is supposed to represent one U.S. dollar.Top countries holding bitcoin1. Ukraine: Ukraine has collected a significant amount of Bitcoin, mainly through donations from individuals and companies. This cryptocurrency support has been crucial during the conflict with Russia. Ukraine was already friendly to blockchain technology before the conflict, with favorable rules for crypto businesses. As a result, it holds a substantial amount of Bitcoin among countries.2. The United States: The United States holds the most Bitcoin among countries. Much of it came from legal cases involving the Silk Road, Bitfinex, and the seizure of James Zhong's BTC. Various government agencies have seized Bitcoin over the years. However, the lack of transparency in how the government handles these Bitcoins can create challenges in determining ownership and impacts the overall Bitcoin ecosystem.3. El Salvador: El Salvador is known for being a nation that owns Bitcoin. In fact, it made history by adopting Bitcoin as legal tender in 2021, becoming the first country to do so worldwide.Who is the biggest Bitcoin holders?1-Satoshi Nakamoto 1million btcis the person who invented and launched Bitcoin by creating the first blocks of transactions. On January 3rd, 2009, Satoshi is believed to have mined more than 22,000 blocks, earning over one million Bitcoin as rewards. This makes Satoshi the owner of the largest Bitcoin stash, which is now worth almost $23 billion. Interestingly, this Bitcoin isn't all in one place but spread across 22,000 different addresses. What's even more intriguing is that, aside from some test transactions, Satoshi has never spent any of it. After leaving the Bitcoin project in 2010, Satoshi disappeared.However, about a year ago, there was a surprising development. Over 100 Bitcoin from two old Bitcoin wallets, likely belonging to Satoshi's early mining days, were moved. These wallets had been dormant for more than a decade, causing quite a buzz in the cryptocurrency community. Both wallets had earned 50 Bitcoin by mining blocks back in June 2010 and had seen almost no activity until recently. Some speculate that these coins may still belong to Satoshi, given their connection to those early mining addresses.2-United States 205,515BTC3-Block.one 164,000 BTC4-Microstrategy 158,245 BTC5-Winklevoss Twins 70,000 BTC6-Tether Holdings 52,673 BTC7-Ukraine 46,351 BTC8-Tim Draper 29,656 BTC9-The Tezos Foundation 24,808 BTC10-Michael Saylor 17,732 BTCThe largest individual Bitcoin investor is Michael Saylor.who is also the CEO of MicroStrategy Inc. His enthusiasm for Bitcoin is remarkable. In August 2020, his company started buying Bitcoin with $250 million because they wanted to use their cash more effectively.Over time, Saylor has become a big supporter of Bitcoin, speaking at events to promote its benefits. By December 2021, MicroStrategy had increased its Bitcoin holdings to $3.5 billion, and Saylor's net worth grew to $1.6 billion thanks to his Bitcoin investments. In December 2022, they bought even more Bitcoin, reaching around 132,500 Bitcoins, worth about $3.2 billion by February 2023.now holding 158,245 BTC.Currently, MicroStrategy has a Bitcoin stash worth $3.8 billion, while Saylor personally holds about $480 million worth of Bitcoin. conclusionAs cryptocurrency became more popular, many individuals became billionaires in this new asset class. Cryptocurrency millionaires come from various backgrounds; some by providing goods and services to the growing crypto world, and others by capitalizing on the crypto market's ups and downs. It's important to note that Bitcoin is more evenly spread among its users compared to other cryptocurrencies.However, the National Bureau of Economic Research has pointed out that the Bitcoin ecosystem is still controlled by a small number of big players, such as large miners, Bitcoin holders, and exchanges. Because Bitcoin's wealth distribution is not evenly spread, most of the profits from its growing adoption tend to go to a few players, making it potentially risky.Remember that trading always carries a risk of loss. It's crucial to conduct thorough research, stay updated with the latest news, use both fundamental and technical analysis, and consider expert opinions before getting involved in trading or investing in cryptocurrencies.