<p>Bhutan &#273;&atilde; chuy&#7875;n 22.4 tri&#7879;u USD Bitcoin ra kh&#7887;i v&iacute; qu&#7889;c gia trong tu&#7847;n n&agrave;y, bao g&#7891;m c&#7843; m&#7897;t giao d&#7883;ch tr&#7921;c ti&#7871;p v&#7899;i QCP Capital &ndash; m&#7897;t &#273;&#417;n v&#7883; market maker t&#7893; ch&#7913;c. Danh m&#7909;c crypto c&#7911;a qu&#7889;c gia Himalaya n&agrave;y &#273;&atilde; gi&#7843;m m&#7841;nh t&#7915; &#273;&#7881;nh 1.4 t&#7927; USD xu&#7889;ng c&ograve;n kho&#7843;ng 412 tri&#7879;u USD.</p>
<p>C&aacute;c &#273;&#7907;t chuy&#7875;n Bitcoin n&agrave;y ti&#7871;p t&#7909;c m&ocirc; h&igrave;nh &ldquo;ch&#7889;t l&#7901;i theo t&#7915;ng &#273;&#7907;t&rdquo; c&#7911;a ch&iacute;nh ph&#7911; Bhutan, b&#7855;t &#273;&#7847;u t&#7915; n&#259;m 2019, khi n&#432;&#7899;c n&agrave;y b&#7855;t &#273;&#7847;u &#273;&agrave;o v&agrave; n&#7855;m gi&#7919; Bitcoin. Nh&#7919;ng giao d&#7883;ch g&#7847;n &#273;&acirc;y l&agrave;m n&#7893;i b&#7853;t nh&#7919;ng c&acirc;u h&#7887;i v&#7873; chi&#7871;n l&#432;&#7907;c s&#7917; d&#7909;ng crypto c&#7911;a c&aacute;c qu&#7889;c gia trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng li&ecirc;n t&#7909;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-recent-bitcoin-sales-and-transaction-patterns">C&aacute;c giao d&#7883;ch v&agrave; m&ocirc; h&igrave;nh b&aacute;n Bitcoin g&#7847;n &#273;&acirc;y</h2>

<p>N&#7873;n t&#7843;ng ph&acirc;n t&iacute;ch blockchain <a href="https://x.com/arkham/status/2019098198304825581" target="_blank" rel="noopener">Arkham &#273;&atilde; x&aacute;c nh&#7853;n c&aacute;c &#273;&#7907;t b&aacute;n Bitcoin n&agrave;y</a>. Hai l&#7847;n r&uacute;t s&#7889; l&#432;&#7907;ng l&#7899;n &#273;&#7873;u &#273;&#7871;n t&#7915; Druk Holding Investments (DHI), qu&#7929; &#273;&#7847;u t&#432; qu&#7889;c gia c&#7911;a Bhutan. C&#7909; th&#7875;, c&oacute; giao d&#7883;ch 184.03 BTC tr&#7883; gi&aacute; 14.09 tri&#7879;u USD, v&agrave; 100.82 BTC gi&aacute; tr&#7883; 8.31 tri&#7879;u USD tr&#432;&#7899;c &#273;&oacute; 5 ng&agrave;y. Giao d&#7883;ch th&#7913; hai chuy&#7875;n th&#7859;ng t&#7899;i &#273;&#7883;a ch&#7881; v&iacute; thu&#7897;c <a href="https://www.qcpgroup.com/about-us-2/" target="_blank" rel="noopener">QCP Capital</a>, m&#7897;t market maker t&#7893; ch&#7913;c t&#7841;i Singapore ho&#7841;t &#273;&#7897;ng m&#7841;nh &#7903; th&#7883; tr&#432;&#7901;ng ph&aacute;i sinh v&agrave; giao ngay.</p>
<p>Theo <a href="https://x.com/arkham/status/2019098201635094868" target="_blank" rel="noopener">ph&acirc;n t&iacute;ch t&#7915; Arkham</a>, Bhutan th&#432;&#7901;ng b&aacute;n Bitcoin th&agrave;nh t&#7915;ng &#273;&#7907;t kho&#7843;ng 50 tri&#7879;u USD. D&#7919; li&#7879;u tr&#432;&#7899;c &#273;&acirc;y ghi nh&#7853;n &#273;&#7863;c bi&#7879;t nhi&#7873;u giao d&#7883;ch l&#7899;n di&#7877;n ra t&#7915; gi&#7919;a &#273;&#7871;n cu&#7889;i th&aacute;ng 09/2025, m&#7895;i giao d&#7883;ch v&#432;&#7907;t 50 tri&#7879;u USD. S&#7889; l&#432;&#7907;ng Bitcoin r&uacute;t kh&#7887;i v&iacute; tu&#7847;n n&agrave;y l&agrave; 22.4 tri&#7879;u USD &ndash; nh&#7887; h&#417;n nhi&#7873;u c&aacute;c l&#7847;n tr&#432;&#7899;c, cho th&#7845;y kh&#7843; n&#259;ng ch&iacute;nh ph&#7911; &#273;&atilde; b&aacute;n t&#7915; t&#7915; v&agrave; s&#7889; l&#432;&#7907;ng s&#7903; h&#7919;u c&#361;ng gi&#7843;m m&#7841;nh.</p>
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/IeSMUeEv9t2TzNFZ04XxtcA4W5o=/smart/e90d3f1547d24434a0141486dddc6e87" alt="B&#7843;ng ph&acirc;n t&iacute;ch blockchain hi&#7875;n th&#7883; c&aacute;c &#273;&#7907;t r&uacute;t Bitcoin t&#7915; v&iacute; qu&#7889;c gia Bhutan" class="wp-image-799229">C&aacute;c giao d&#7883;ch Bitcoin g&#7847;n &#273;&acirc;y t&#7915; v&iacute; qu&#7889;c gia Bhutan ghi nh&#7853;n t&#7893;ng c&#7897;ng 22.4 tri&#7879;u USD &#273;&#432;&#7907;c r&uacute;t ra (Arkham)

<p>Giao d&#7883;ch v&#7899;i QCP Capital cho th&#7845;y Bhutan l&#7921;a ch&#7885;n b&aacute;n ra chi&#7871;n l&#432;&#7907;c ch&#7913; kh&ocirc;ng ph&#7843;i b&aacute;n th&aacute;o. Market maker nh&#432; QCP gi&uacute;p th&#7921;c hi&#7879;n c&aacute;c giao d&#7883;ch l&#7899;n m&agrave; kh&ocirc;ng g&acirc;y bi&#7871;n &#273;&#7897;ng m&#7841;nh &#273;&#7871;n gi&aacute; th&#7883; tr&#432;&#7901;ng. Nh&#7901; &#273;&oacute;, c&aacute;c qu&#7889;c gia nh&#432; Bhutan c&oacute; th&#7875; tho&aacute;i v&#7889;n m&agrave; tr&aacute;nh &#273;&#432;&#7907;c vi&#7879;c k&iacute;ch ho&#7841;t c&aacute;c c&uacute; gi&#7843;m gi&aacute; m&#7841;nh, kh&aacute;c v&#7899;i vi&#7879;c n&#7841;p tr&#7921;c ti&#7871;p l&ecirc;n s&agrave;n giao d&#7883;ch.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bhutan-s-bitcoin-mining-operation-and-profitability">Ho&#7841;t &#273;&#7897;ng khai th&aacute;c Bitcoin v&agrave; l&#7907;i nhu&#7853;n c&#7911;a Bhutan</h2>

<p>Chi&#7871;n l&#432;&#7907;c Bitcoin c&#7911;a Bhutan b&#7855;t &#273;&#7847;u t&#7915; n&#259;m 2019, khi DHI kh&#7903;i &#273;&#7897;ng ho&#7841;t &#273;&#7897;ng &#273;&agrave;o Bitcoin t&#7853;n d&#7909;ng ngu&#7891;n &#273;i&#7879;n th&#7911;y &#273;i&#7879;n d&#7891;i d&agrave;o c&#7911;a &#273;&#7845;t n&#432;&#7899;c. Theo Arkham, Bhutan &#273;&atilde; thu v&#7873; h&#417;n 765 tri&#7879;u USD l&#7907;i nhu&#7853;n Bitcoin k&#7875; t&#7915; khi b&#7855;t &#273;&#7847;u, trong khi chi ph&iacute; n&#259;ng l&#432;&#7907;ng ch&#7881; r&#417;i v&agrave;o kho&#7843;ng 120 tri&#7879;u USD. Vi&#7879;c s&#7917; d&#7909;ng thu&#7927; &#273;i&#7879;n gi&uacute;p chi ph&iacute; c&#7841;nh tranh h&#417;n nhi&#7873;u so v&#7899;i c&aacute;c qu&#7889;c gia d&#7921;a v&agrave;o n&#259;ng l&#432;&#7907;ng h&oacute;a th&#7841;ch.</p>
<p>S&#7921; ki&#7879;n Bitcoin halving n&#259;m 2024 &#273;&atilde; thay &#273;&#7893;i ho&agrave;n to&agrave;n t&iacute;nh to&aacute;n kinh t&#7871; cho ho&#7841;t &#273;&#7897;ng &#273;&agrave;o. S&#7921; ki&#7879;n n&agrave;y di&#7877;n ra 4 n&#259;m m&#7897;t l&#7847;n, gi&#7843;m ph&#7847;n th&#432;&#7903;ng &#273;&agrave;o block xu&#7889;ng m&#7897;t n&#7917;a, &#273;&#7891;ng ngh&#297;a chi ph&iacute; &#273;&#7875; &#273;&agrave;o &#273;&#432;&#7907;c 1 Bitcoin t&#259;ng g&#7845;p &#273;&ocirc;i. D&#7919; li&#7879;u cho th&#7845;y Bhutan &#273;&atilde; &#273;&agrave;o ph&#7847;n l&#7899;n s&#7889; Bitcoin n&#7855;m gi&#7919; tr&#432;&#7899;c th&aacute;ng 04/2024 v&agrave; c&#7855;t gi&#7843;m s&#7843;n l&#432;&#7907;ng m&#7841;nh sau &#273;&oacute;.</p>
<p>L&#7907;i nhu&#7853;n cao tr&#432;&#7899;c th&#7901;i &#273;i&#7875;m halving gi&uacute;p Bhutan t&iacute;ch l&#361;y &#273;&#432;&#7907;c l&#432;&#7907;ng Bitcoin &#273;&aacute;ng k&#7875; v&#7899;i chi ph&iacute; t&#7889;t. Nh&#432;ng sau halving, hi&#7879;u su&#7845;t gi&#7843;m khi&#7871;n qu&#7889;c gia n&agrave;y c&oacute; xu h&#432;&#7899;ng b&aacute;n b&#7899;t d&#7921; tr&#7919; &#273;&#7875; thu ti&#7873;n m&#7863;t, thay v&igrave; ti&#7871;p t&#7909;c &#273;&agrave;o t&#7889;n k&eacute;m trong khi hi&#7879;u qu&#7843; kh&ocirc;ng c&ograve;n cao. Vi&#7879;c chuy&#7875;n t&#7915; gi&#7919; d&agrave;i h&#7841;n sang b&aacute;n ch&#7885;n l&#7885;c n&agrave;y c&#361;ng gi&#7889;ng v&#7899;i xu h&#432;&#7899;ng chung tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto th&#7901;i gian qua khi l&#7907;i nhu&#7853;n ng&agrave;nh b&#7883; thu h&#7865;p.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-portfolio-decline-and-current-holdings">S&#7921; gi&#7843;m gi&aacute; tr&#7883; danh m&#7909;c v&agrave; s&#7889; l&#432;&#7907;ng &#273;ang n&#7855;m gi&#7919; hi&#7879;n t&#7841;i</h2>

<p>Danh m&#7909;c crypto c&#7911;a Bhutan &#273;&atilde; thu h&#7865;p m&#7841;nh v&#7873; gi&aacute; tr&#7883;. <a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" target="_blank" rel="noopener">D&#7919; li&#7879;u t&#7915; Arkham Intelligence</a> cho th&#7845;y t&agrave;i s&#7843;n on-chain c&#7911;a DHI hi&#7879;n c&ograve;n kho&#7843;ng 412 tri&#7879;u USD, gi&#7843;m h&#417;n 70% so v&#7899;i m&#7913;c &#273;&#7881;nh 1.4 t&#7927; USD. Ph&#7847;n l&#7899;n l&agrave; 5,700 BTC, c&ograve;n l&#432;&#7907;ng Ethereum v&agrave; c&aacute;c token kh&aacute;c r&#7845;t nh&#7887;.</p>
<p>Danh m&#7909;c n&agrave;y gi&#7843;m m&#7841;nh ch&#7911; y&#7871;u do ho&#7841;t &#273;&#7897;ng b&aacute;n ra li&ecirc;n t&#7909;c v&agrave; bi&#7871;n &#273;&#7897;ng gi&#7843;m gi&aacute; Bitcoin. M&#7897;t ph&#7847;n gi&aacute; tr&#7883; b&#7883; m&#7845;t &#273;i l&agrave; b&#7903;i b&aacute;n ra &#273;&#7875; ch&#7889;t l&#7901;i ho&#7863;c ph&#7909;c v&#7909; ng&acirc;n s&aacute;ch, nh&#432;ng xu h&#432;&#7899;ng th&#7883; tr&#432;&#7901;ng t&#7915; n&#259;m 2025 sang &#273;&#7847;u 2026 c&#361;ng t&aacute;c &#273;&#7897;ng nhi&#7873;u. Gi&aacute; tr&#7883; cao nh&#7845;t m&agrave; Bhutan t&#7915;ng s&#7903; h&#7919;u tr&ugrave;ng v&#7899;i giai &#273;o&#7841;n gi&aacute; Bitcoin l&#7853;p &#273;&#7881;nh, v&igrave; v&#7853;y m&#7913;c ph&#7847;n tr&#259;m gi&#7843;m c&agrave;ng l&#7899;n khi gi&aacute; &#273;i&#7873;u ch&#7881;nh gi&#7843;m.</p>
<p>L&#7883;ch s&#7917; giao d&#7883;ch cho th&#7845;y &#273;&#7889;i t&aacute;c trao &#273;&#7893;i ch&#7911; y&#7871;u c&#7911;a DHI l&agrave; Binance &ndash; ti&#7871;p nh&#7853;n 261 tri&#7879;u USD chuy&#7875;n sang, chi&#7871;m 68% t&#7893;ng giao d&#7883;ch, v&agrave; Celsius Network v&#7899;i 118 tri&#7879;u USD (31%). M&#7897;t l&#432;&#7907;ng nh&#7887; chuy&#7875;n qua Kraken. Vi&#7879;c k&#7871;t h&#7907;p giao d&#7883;ch v&#7899;i c&aacute;c s&agrave;n v&agrave; market maker cho th&#7845;y Bhutan c&oacute; c&aacute;ch qu&#7843;n l&yacute; t&agrave;i s&#7843;n kh&aacute; chuy&ecirc;n nghi&#7879;p.</p>
<p>&#272;&#417;n v&#7883; <a href="https://www.dhi.bt" target="_blank" rel="noopener">Druk Holding and Investments</a> tr&#7921;c ti&#7871;p qu&#7843;n l&yacute; t&agrave;i s&#7843;n s&#7889; b&ecirc;n c&#7841;nh c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; truy&#7873;n th&#7889;ng, nh&#432; m&#7897;t ph&#7847;n chi&#7871;n l&#432;&#7907;c &#273;a d&#7841;ng h&oacute;a ngu&#7891;n thu c&#7911;a qu&#7889;c gia. Vi&#7879;c &#273;&#432;a crypto v&agrave;o kho b&#7841;c qu&#7889;c gia gi&uacute;p Bhutan tr&#7903; th&agrave;nh m&#7897;t trong s&#7889; &iacute;t qu&#7889;c gia tham gia tr&#7921;c ti&#7871;p v&agrave;o th&#7883; tr&#432;&#7901;ng t&agrave;i s&#7843;n s&#7889;. Li&#7879;u &#273;&#7907;t b&aacute;n ra g&#7847;n &#273;&acirc;y c&#7911;a Bhutan ch&#7881; l&agrave; c&acirc;n &#273;&#7889;i danh m&#7909;c hay s&#7869; ti&#7871;n t&#7899;i tho&aacute;i v&#7889;n to&agrave;n b&#7897; c&ograve;n l&agrave; c&acirc;u h&#7887;i ch&#432;a c&oacute; l&#7901;i &#273;&aacute;p, khi nhi&#7873;u ng&#432;&#7901;i &#273;ang theo d&otilde;i xu h&#432;&#7899;ng c&aacute;c qu&#7889;c gia &aacute;p d&#7909;ng crypto.</p>


Bhutan đã bán 22.4 triệu USD Bitcoin khi danh mục đầu tư giảm hơn 70%

<p>Bhutan &#273;&atilde; chuy&#7875;n 22.4 tri&#7879;u USD Bitcoin ra kh&#7887;i v&iacute; qu&#7889;c gia trong tu&#7847;n n&agrave;y, bao g&#7891;m c&#7843; m&#7897;t giao d&#7883;ch tr&#7921;c ti&#7871;p v&#7899;i QCP Capital &ndash; m&#7897;t &#273;&#417;n v&#7883; market maker t&#7893; ch&#7913;c. Danh m&#7909;c crypto c&#7911;a qu&#7889;c gia Himalaya n&agrave;y &#273;&atilde; gi&#7843;m m&#7841;nh t&#7915; &#273;&#7881;nh 1.4 t&#7927; USD xu&#7889;ng c&ograve;n kho&#7843;ng 412 tri&#7879;u USD.</p>
<p>C&aacute;c &#273;&#7907;t chuy&#7875;n Bitcoin n&agrave;y ti&#7871;p t&#7909;c m&ocirc; h&igrave;nh &ldquo;ch&#7889;t l&#7901;i theo t&#7915;ng &#273;&#7907;t&rdquo; c&#7911;a ch&iacute;nh ph&#7911; Bhutan, b&#7855;t &#273;&#7847;u t&#7915; n&#259;m 2019, khi n&#432;&#7899;c n&agrave;y b&#7855;t &#273;&#7847;u &#273;&agrave;o v&agrave; n&#7855;m gi&#7919; Bitcoin. Nh&#7919;ng giao d&#7883;ch g&#7847;n &#273;&acirc;y l&agrave;m n&#7893;i b&#7853;t nh&#7919;ng c&acirc;u h&#7887;i v&#7873; chi&#7871;n l&#432;&#7907;c s&#7917; d&#7909;ng crypto c&#7911;a c&aacute;c qu&#7889;c gia trong b&#7889;i c&#7843;nh th&#7883; tr&#432;&#7901;ng bi&#7871;n &#273;&#7897;ng li&ecirc;n t&#7909;c.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-recent-bitcoin-sales-and-transaction-patterns">C&aacute;c giao d&#7883;ch v&agrave; m&ocirc; h&igrave;nh b&aacute;n Bitcoin g&#7847;n &#273;&acirc;y</h2>

<p>N&#7873;n t&#7843;ng ph&acirc;n t&iacute;ch blockchain <a href="https://x.com/arkham/status/2019098198304825581" target="_blank" rel="noopener">Arkham &#273;&atilde; x&aacute;c nh&#7853;n c&aacute;c &#273;&#7907;t b&aacute;n Bitcoin n&agrave;y</a>. Hai l&#7847;n r&uacute;t s&#7889; l&#432;&#7907;ng l&#7899;n &#273;&#7873;u &#273;&#7871;n t&#7915; Druk Holding Investments (DHI), qu&#7929; &#273;&#7847;u t&#432; qu&#7889;c gia c&#7911;a Bhutan. C&#7909; th&#7875;, c&oacute; giao d&#7883;ch 184.03 BTC tr&#7883; gi&aacute; 14.09 tri&#7879;u USD, v&agrave; 100.82 BTC gi&aacute; tr&#7883; 8.31 tri&#7879;u USD tr&#432;&#7899;c &#273;&oacute; 5 ng&agrave;y. Giao d&#7883;ch th&#7913; hai chuy&#7875;n th&#7859;ng t&#7899;i &#273;&#7883;a ch&#7881; v&iacute; thu&#7897;c <a href="https://www.qcpgroup.com/about-us-2/" target="_blank" rel="noopener">QCP Capital</a>, m&#7897;t market maker t&#7893; ch&#7913;c t&#7841;i Singapore ho&#7841;t &#273;&#7897;ng m&#7841;nh &#7903; th&#7883; tr&#432;&#7901;ng ph&aacute;i sinh v&agrave; giao ngay.</p>
<p>Theo <a href="https://x.com/arkham/status/2019098201635094868" target="_blank" rel="noopener">ph&acirc;n t&iacute;ch t&#7915; Arkham</a>, Bhutan th&#432;&#7901;ng b&aacute;n Bitcoin th&agrave;nh t&#7915;ng &#273;&#7907;t kho&#7843;ng 50 tri&#7879;u USD. D&#7919; li&#7879;u tr&#432;&#7899;c &#273;&acirc;y ghi nh&#7853;n &#273;&#7863;c bi&#7879;t nhi&#7873;u giao d&#7883;ch l&#7899;n di&#7877;n ra t&#7915; gi&#7919;a &#273;&#7871;n cu&#7889;i th&aacute;ng 09/2025, m&#7895;i giao d&#7883;ch v&#432;&#7907;t 50 tri&#7879;u USD. S&#7889; l&#432;&#7907;ng Bitcoin r&uacute;t kh&#7887;i v&iacute; tu&#7847;n n&agrave;y l&agrave; 22.4 tri&#7879;u USD &ndash; nh&#7887; h&#417;n nhi&#7873;u c&aacute;c l&#7847;n tr&#432;&#7899;c, cho th&#7845;y kh&#7843; n&#259;ng ch&iacute;nh ph&#7911; &#273;&atilde; b&aacute;n t&#7915; t&#7915; v&agrave; s&#7889; l&#432;&#7907;ng s&#7903; h&#7919;u c&#361;ng gi&#7843;m m&#7841;nh.</p>
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/IeSMUeEv9t2TzNFZ04XxtcA4W5o=/smart/e90d3f1547d24434a0141486dddc6e87" alt="B&#7843;ng ph&acirc;n t&iacute;ch blockchain hi&#7875;n th&#7883; c&aacute;c &#273;&#7907;t r&uacute;t Bitcoin t&#7915; v&iacute; qu&#7889;c gia Bhutan" class="wp-image-799229">C&aacute;c giao d&#7883;ch Bitcoin g&#7847;n &#273;&acirc;y t&#7915; v&iacute; qu&#7889;c gia Bhutan ghi nh&#7853;n t&#7893;ng c&#7897;ng 22.4 tri&#7879;u USD &#273;&#432;&#7907;c r&uacute;t ra (Arkham)

<p>Giao d&#7883;ch v&#7899;i QCP Capital cho th&#7845;y Bhutan l&#7921;a ch&#7885;n b&aacute;n ra chi&#7871;n l&#432;&#7907;c ch&#7913; kh&ocirc;ng ph&#7843;i b&aacute;n th&aacute;o. Market maker nh&#432; QCP gi&uacute;p th&#7921;c hi&#7879;n c&aacute;c giao d&#7883;ch l&#7899;n m&agrave; kh&ocirc;ng g&acirc;y bi&#7871;n &#273;&#7897;ng m&#7841;nh &#273;&#7871;n gi&aacute; th&#7883; tr&#432;&#7901;ng. Nh&#7901; &#273;&oacute;, c&aacute;c qu&#7889;c gia nh&#432; Bhutan c&oacute; th&#7875; tho&aacute;i v&#7889;n m&agrave; tr&aacute;nh &#273;&#432;&#7907;c vi&#7879;c k&iacute;ch ho&#7841;t c&aacute;c c&uacute; gi&#7843;m gi&aacute; m&#7841;nh, kh&aacute;c v&#7899;i vi&#7879;c n&#7841;p tr&#7921;c ti&#7871;p l&ecirc;n s&agrave;n giao d&#7883;ch.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-bhutan-s-bitcoin-mining-operation-and-profitability">Ho&#7841;t &#273;&#7897;ng khai th&aacute;c Bitcoin v&agrave; l&#7907;i nhu&#7853;n c&#7911;a Bhutan</h2>

<p>Chi&#7871;n l&#432;&#7907;c Bitcoin c&#7911;a Bhutan b&#7855;t &#273;&#7847;u t&#7915; n&#259;m 2019, khi DHI kh&#7903;i &#273;&#7897;ng ho&#7841;t &#273;&#7897;ng &#273;&agrave;o Bitcoin t&#7853;n d&#7909;ng ngu&#7891;n &#273;i&#7879;n th&#7911;y &#273;i&#7879;n d&#7891;i d&agrave;o c&#7911;a &#273;&#7845;t n&#432;&#7899;c. Theo Arkham, Bhutan &#273;&atilde; thu v&#7873; h&#417;n 765 tri&#7879;u USD l&#7907;i nhu&#7853;n Bitcoin k&#7875; t&#7915; khi b&#7855;t &#273;&#7847;u, trong khi chi ph&iacute; n&#259;ng l&#432;&#7907;ng ch&#7881; r&#417;i v&agrave;o kho&#7843;ng 120 tri&#7879;u USD. Vi&#7879;c s&#7917; d&#7909;ng thu&#7927; &#273;i&#7879;n gi&uacute;p chi ph&iacute; c&#7841;nh tranh h&#417;n nhi&#7873;u so v&#7899;i c&aacute;c qu&#7889;c gia d&#7921;a v&agrave;o n&#259;ng l&#432;&#7907;ng h&oacute;a th&#7841;ch.</p>
<p>S&#7921; ki&#7879;n Bitcoin halving n&#259;m 2024 &#273;&atilde; thay &#273;&#7893;i ho&agrave;n to&agrave;n t&iacute;nh to&aacute;n kinh t&#7871; cho ho&#7841;t &#273;&#7897;ng &#273;&agrave;o. S&#7921; ki&#7879;n n&agrave;y di&#7877;n ra 4 n&#259;m m&#7897;t l&#7847;n, gi&#7843;m ph&#7847;n th&#432;&#7903;ng &#273;&agrave;o block xu&#7889;ng m&#7897;t n&#7917;a, &#273;&#7891;ng ngh&#297;a chi ph&iacute; &#273;&#7875; &#273;&agrave;o &#273;&#432;&#7907;c 1 Bitcoin t&#259;ng g&#7845;p &#273;&ocirc;i. D&#7919; li&#7879;u cho th&#7845;y Bhutan &#273;&atilde; &#273;&agrave;o ph&#7847;n l&#7899;n s&#7889; Bitcoin n&#7855;m gi&#7919; tr&#432;&#7899;c th&aacute;ng 04/2024 v&agrave; c&#7855;t gi&#7843;m s&#7843;n l&#432;&#7907;ng m&#7841;nh sau &#273;&oacute;.</p>
<p>L&#7907;i nhu&#7853;n cao tr&#432;&#7899;c th&#7901;i &#273;i&#7875;m halving gi&uacute;p Bhutan t&iacute;ch l&#361;y &#273;&#432;&#7907;c l&#432;&#7907;ng Bitcoin &#273;&aacute;ng k&#7875; v&#7899;i chi ph&iacute; t&#7889;t. Nh&#432;ng sau halving, hi&#7879;u su&#7845;t gi&#7843;m khi&#7871;n qu&#7889;c gia n&agrave;y c&oacute; xu h&#432;&#7899;ng b&aacute;n b&#7899;t d&#7921; tr&#7919; &#273;&#7875; thu ti&#7873;n m&#7863;t, thay v&igrave; ti&#7871;p t&#7909;c &#273;&agrave;o t&#7889;n k&eacute;m trong khi hi&#7879;u qu&#7843; kh&ocirc;ng c&ograve;n cao. Vi&#7879;c chuy&#7875;n t&#7915; gi&#7919; d&agrave;i h&#7841;n sang b&aacute;n ch&#7885;n l&#7885;c n&agrave;y c&#361;ng gi&#7889;ng v&#7899;i xu h&#432;&#7899;ng chung tr&ecirc;n th&#7883; tr&#432;&#7901;ng crypto th&#7901;i gian qua khi l&#7907;i nhu&#7853;n ng&agrave;nh b&#7883; thu h&#7865;p.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-portfolio-decline-and-current-holdings">S&#7921; gi&#7843;m gi&aacute; tr&#7883; danh m&#7909;c v&agrave; s&#7889; l&#432;&#7907;ng &#273;ang n&#7855;m gi&#7919; hi&#7879;n t&#7841;i</h2>

<p>Danh m&#7909;c crypto c&#7911;a Bhutan &#273;&atilde; thu h&#7865;p m&#7841;nh v&#7873; gi&aacute; tr&#7883;. <a href="https://intel.arkm.com/explorer/entity/druk-holding-investments" target="_blank" rel="noopener">D&#7919; li&#7879;u t&#7915; Arkham Intelligence</a> cho th&#7845;y t&agrave;i s&#7843;n on-chain c&#7911;a DHI hi&#7879;n c&ograve;n kho&#7843;ng 412 tri&#7879;u USD, gi&#7843;m h&#417;n 70% so v&#7899;i m&#7913;c &#273;&#7881;nh 1.4 t&#7927; USD. Ph&#7847;n l&#7899;n l&agrave; 5,700 BTC, c&ograve;n l&#432;&#7907;ng Ethereum v&agrave; c&aacute;c token kh&aacute;c r&#7845;t nh&#7887;.</p>
<p>Danh m&#7909;c n&agrave;y gi&#7843;m m&#7841;nh ch&#7911; y&#7871;u do ho&#7841;t &#273;&#7897;ng b&aacute;n ra li&ecirc;n t&#7909;c v&agrave; bi&#7871;n &#273;&#7897;ng gi&#7843;m gi&aacute; Bitcoin. M&#7897;t ph&#7847;n gi&aacute; tr&#7883; b&#7883; m&#7845;t &#273;i l&agrave; b&#7903;i b&aacute;n ra &#273;&#7875; ch&#7889;t l&#7901;i ho&#7863;c ph&#7909;c v&#7909; ng&acirc;n s&aacute;ch, nh&#432;ng xu h&#432;&#7899;ng th&#7883; tr&#432;&#7901;ng t&#7915; n&#259;m 2025 sang &#273;&#7847;u 2026 c&#361;ng t&aacute;c &#273;&#7897;ng nhi&#7873;u. Gi&aacute; tr&#7883; cao nh&#7845;t m&agrave; Bhutan t&#7915;ng s&#7903; h&#7919;u tr&ugrave;ng v&#7899;i giai &#273;o&#7841;n gi&aacute; Bitcoin l&#7853;p &#273;&#7881;nh, v&igrave; v&#7853;y m&#7913;c ph&#7847;n tr&#259;m gi&#7843;m c&agrave;ng l&#7899;n khi gi&aacute; &#273;i&#7873;u ch&#7881;nh gi&#7843;m.</p>
<p>L&#7883;ch s&#7917; giao d&#7883;ch cho th&#7845;y &#273;&#7889;i t&aacute;c trao &#273;&#7893;i ch&#7911; y&#7871;u c&#7911;a DHI l&agrave; Binance &ndash; ti&#7871;p nh&#7853;n 261 tri&#7879;u USD chuy&#7875;n sang, chi&#7871;m 68% t&#7893;ng giao d&#7883;ch, v&agrave; Celsius Network v&#7899;i 118 tri&#7879;u USD (31%). M&#7897;t l&#432;&#7907;ng nh&#7887; chuy&#7875;n qua Kraken. Vi&#7879;c k&#7871;t h&#7907;p giao d&#7883;ch v&#7899;i c&aacute;c s&agrave;n v&agrave; market maker cho th&#7845;y Bhutan c&oacute; c&aacute;ch qu&#7843;n l&yacute; t&agrave;i s&#7843;n kh&aacute; chuy&ecirc;n nghi&#7879;p.</p>
<p>&#272;&#417;n v&#7883; <a href="https://www.dhi.bt" target="_blank" rel="noopener">Druk Holding and Investments</a> tr&#7921;c ti&#7871;p qu&#7843;n l&yacute; t&agrave;i s&#7843;n s&#7889; b&ecirc;n c&#7841;nh c&aacute;c kho&#7843;n &#273;&#7847;u t&#432; truy&#7873;n th&#7889;ng, nh&#432; m&#7897;t ph&#7847;n chi&#7871;n l&#432;&#7907;c &#273;a d&#7841;ng h&oacute;a ngu&#7891;n thu c&#7911;a qu&#7889;c gia. Vi&#7879;c &#273;&#432;a crypto v&agrave;o kho b&#7841;c qu&#7889;c gia gi&uacute;p Bhutan tr&#7903; th&agrave;nh m&#7897;t trong s&#7889; &iacute;t qu&#7889;c gia tham gia tr&#7921;c ti&#7871;p v&agrave;o th&#7883; tr&#432;&#7901;ng t&agrave;i s&#7843;n s&#7889;. Li&#7879;u &#273;&#7907;t b&aacute;n ra g&#7847;n &#273;&acirc;y c&#7911;a Bhutan ch&#7881; l&agrave; c&acirc;n &#273;&#7889;i danh m&#7909;c hay s&#7869; ti&#7871;n t&#7899;i tho&aacute;i v&#7889;n to&agrave;n b&#7897; c&ograve;n l&agrave; c&acirc;u h&#7887;i ch&#432;a c&oacute; l&#7901;i &#273;&aacute;p, khi nhi&#7873;u ng&#432;&#7901;i &#273;ang theo d&otilde;i xu h&#432;&#7899;ng c&aacute;c qu&#7889;c gia &aacute;p d&#7909;ng crypto.</p>
