According to experts, the main reason for this decline is economic factors. Previously, Bhutan used its hydropower resources for Bitcoin mining. However, the drop in Bitcoin’s price from about $90,000 to approximately $71,000, the network’s reaching historically high difficulty levels, and the reduction of block rewards due to the halving to 3125 $BTC seriously reduced profitability—particularly for small state-run mining operations. Analysts believe that Bhutan’s direct sale of hydropower to India may have become more profitable than Bitcoin mining. This strategic shift is notable, given that global institutional investors are turning to Bitcoin. Indeed, over the past weekend, MicroStrategy invested about $330 million, purchasing an additional 4871 $BTC. In the same period in March, there was a net inflow of approximately 50 000 $BTC into U.S. spot Bitcoin ETFs. The fact that Bhutan’s current reserves are even smaller than MicroStrategy’s weekly purchases makes the country’s move away from its Bitcoin strategy even more apparent.