Bitcoin sees state-backed mining as VanEck flags 13

Thirteen governments are mining Bitcoin, per VanEck

According to VanEck, thirteen national governments are now directly mining Bitcoin or supporting it via state resources. The firm describes support mechanisms that include state-owned utilities, policy incentives, and, in some cases, direct ownership.

The analysis places this within a broader wave of sovereign participation in Bitcoin (BTC), spanning industrial strategy and treasury experimentation. It notes that state involvement is not uniform and ranges from pilot-scale efforts to more formalized programs.

The report also highlights market context: a roughly 4% decline in hashrate through mid-December 2025, the steepest drop since April 2024. Historically, the firm found 90‑day forward returns were positive about 65% of the time when hashrate was shrinking since 2014.

Why government-backed Bitcoin mining matters now

State-backed mining is emerging as an energy and industrial-policy tool. Governments can use flexible, interruptible loads to monetize surplus power, attract data-center capital, and improve grid balancing without long-term capacity lock-in.

Japan’s state-linked utilities have reportedly explored orders for mining rigs designed to run on surplus renewable energy, treating miners as flexible offtakers during curtailment, as reported by Newsblock. This model reframes mining as grid infrastructure rather than a purely speculative activity.

Analysts on the research have emphasized the scope of official involvement before detailing regional nuances. “Up to 13 countries are actively supporting bitcoin mining activities through state resources,” said Matt Sigel and Patrick Bush, research analysts.

Energy planners may prioritize transparent tariffs, curtailment rights, and disclosure of the energy mix used by state-supported miners. Clear reporting on emissions and renewable utilization can help address environmental scrutiny and align projects with public-interest mandates.

Policy teams will likely assess procurement standards, subsidy design, and compliance with sanctions and AML/CFT rules where mined BTC might be held or transacted by public entities. Custody, accounting treatment, and audit trails for any sovereign-held BTC remain central to control frameworks.

Market structure could shift if government fleets influence hashrate distribution, potentially increasing concentration risk if policy abruptly changes. Separately, some governments view Bitcoin-linked activity as part of broader de-dollarization and cross‑border settlement strategies, as reported by TheStreet.

At the time of this writing, miner equities reflect the sector’s volatility and regulatory sensitivity. news/kenyan-president-taps-marathon-digital-bitcoin/”>marathon digital Holdings (MARA) closed at $7.56 on February 11, based on Nasdaq delayed data, amid headlines about regulatory scrutiny and a paused European acquisition.

FAQ about government-backed Bitcoin mining

What verifiable evidence shows governments are using state resources or policy to support Bitcoin mining?

Evidence typically appears in public records: utility tariff schedules, power-allocation agreements, procurement notices, and formal incentive programs. VanEck’s analysis aggregates such disclosures and industry reporting into its estimate of active state support.

How do state-owned utilities and surplus renewable energy factor into government mining operations?

Mining loads can absorb otherwise curtailed hydro, wind, or solar during off-peak periods. By acting as flexible demand, miners help stabilize grids, monetize surplus megawatt-hours, and improve project economics without displacing priority consumers.