UAE becomes destination for bitcoin mining

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UAE becomes destination for bitcoin mining
UAE becomes destination for bitcoin mining

When Marathon Digital, a prominent Bitcoin miner, partnered with Zero Two, the digital asset arm of Abu Dhabi’s sovereign wealth fund, the country’s foray into Bitcoin mining began in May 

For Bitcoin mining in the Middle East, The United Arab Emirates (UAE) is quickly emerging as a leading destination. The country has established itself as a pro-Web3 and crypto-friendly environment with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate.

When Marathon Digital, a prominent Bitcoin miner, partnered with Zero Two, the digital asset arm of Abu Dhabi’s sovereign wealth fund, the country’s foray into Bitcoin mining began in May. With a combined capacity of 250 megawatts (MW), they established two mining sites in Abu Dhabi.

For various crypto-mining activities in the UAE, Abu Dhabi, known for its energy efficiency and status as a trading hub, has become a focal point. Accounting for approximately 4% of Bitcoin’s global hash rate, the UAE’s current combined Bitcoin mining capacity is estimated to be around 400 MW. The UAE has the potential to climb the ranks due to its available resources, while countries like the United States, China, Russia, and Kazakhstan dominate the global hash rate.

The UAE is a significant player in the global energy market, and it has been shifting its focus from traditional oil and gas reserves to renewable sources such as solar and nuclear energy. The country’s electricity generation previously relied heavily on natural gas, but there has been a notable increase in the adoption of nuclear and solar energy.

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