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Abu Dhabi Pushes Bitcoin Mining in the Middle East

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Bitcoin mining companies see the United Arab Emirates as an emerging hub for cryptocurrency mining in the Middle East. This is thanks in part to collaborations earlier this year with the digital assets arm of major mining companies and the Abu Dhabi sovereign wealth fund.

On July 6, bitcoin mining expert Jaran Mellerud reported on the latest developments in the UAE bitcoin mining scene.

Bitcoin Mining in the Middle East

The start of this mining revolution can be traced back to late 2021, when the digital asset arm of Abu Dhabi sovereign wealth fund Zero Two partnered with local bitcoin mining firm Phoenix Technology.

The momentum continued when Zero Two launched its second bitcoin mining partnership earlier this year.This time with US public miners marathon numbers.

Bitcoin mining is now operating in the UAE capacitymost of which are located in Abu Dhabi, about 400 MW, according to to Mellerud. That’s roughly 4% of Bitcoin’s global hashrate.

However, he added that by the end of the year, as a quasi-government agency, its installed capacity could exceed 600 MW. project expansion.

“Assuming an average energy efficiency of 30 J/TH, Bitcoin miners in the UAE should generate around 13 EH/s, equivalent to 3.7% of Bitcoin’s hashrate.”

The UAE also has abundant energy resources, with almost all of the country’s electricity generated by natural gas. The UAE is now turning to nuclear and solar power.

Moreover, the UAE has just commissioned the largest nuclear power plant in the Arab world, with a total capacity of 4 gigawatts. This year it is expected to expand in size. Thus, the influx of nuclear power will increase the need for flexibility.

Energy Change and Mining Indicators

The area also has huge solar farms that regularly generate large amounts of excess energy. In addition, the country’s desalination plants waste a lot of energy that could be used for mining operations.

The researchers concluded that the future looks bright For BTC miners United Arab Emirates.

“Overall, the UAE will emerge as an increasingly important bitcoin mining country in the coming years and could provide a case study for other Middle Eastern countries to emulate.”

Mining ProfitabilityOr hash price has increased recently, but is still at a low of $0.077 per terahash (TH/s) per day. According to the data, during the peak of the bull market in 2021, its price was $0.40/sec/day. Computing power index.

In addition, the network computing power According to the mining analysis platform, the speed is also close to the peak level of 368 EH/s.

disclaimer

Following the Trust Project Guidelines, BeInCrypto is committed to fair and transparent reporting. This news article is intended to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article.



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