35.9 C
Monday, September 25, 2023

UAE is investing heavily in block reward mining: report


The United Arab Emirates (UAE) is betting on block reward mining and is now the largest BTC mining hub in the Middle East, according to a new report.

In recent years, the UAE has emerged as a major Web3, blockchain and digital asset hub, with friendly regulations attracting major players including OK, bit oasisand Smart ledger.The country has also invested billions in blockchain adoption, with the BSV blockchain being one of the leading networks people and private enterprise.

The UAE is now one of the fastest growing BTC mining destinations, as revealed by block reward mining firm Luxor Technologies.at the latest ReportLuxor revealed that the country’s bitcoin computing power accounts for 4% of the world and is the largest mining center in the Middle East.

The UAE began its foray into mining in 2021, when the country’s sovereign wealth fund Zero Two (then known as FS Innovation) teamed up with local mining company Phoenix Technologies to build a 200-megawatt water-cooling facility.

Earlier this year, US miner Marathon Digital (NASDAQ: MARA) Announce Partnered with Zero Two to build a $400 million facility. The companies are building two sites with a combined capacity of 250 MW in Abu Dhabi, the largest emirate in the United Arab Emirates.

Luxor revealed that while the state is dominating the large-scale mining industry, there are also hundreds of small-scale miners in the seven emirates. The UAE currently has an estimated mining capacity of 400 MW, which will increase to 600 MW by the end of this year. This makes it the leader in the Middle East, ahead of Saudi Arabia, Qatar and Kuwait.

Despite growth, mining Healthcare in the UAE is more expensive and complex than most other countries. Since most of the country is desert, temperatures are high most of the year, with an annual average of 28°C (82°F). This makes it necessary for miners to invest heavily in cooling mining equipment.

When Marathon announced its project, it claimed to have deployed a “custom immersion solution to cool ASIC miners” along with proprietary software.

Also, electricity costs in the UAE are higher than other mining hubs. During peak season, industrial consumers pay as much as $0.099 per kWh. In comparison, residential consumers pay $0.02, and agricultural electricity subsidizes the most at $0.012.

Despite the challenges, the UAE could still catch up to better-known countries like Kazakhstan and Russia as the government works to invest billions To stimulate the development of the blockchain industry.

Watch BSV Stories – Episode 4: The Blockchain Race in the Middle East

youtube video

width=”560″ height=”315″ frameborder=”0″ allowfullscreen=”allowfullscreen”>

New to Bitcoin?View CoinGeek’s bitcoin for beginners section, the ultimate resource guide for learning more about Bitcoin (as originally conceived by Satoshi Nakamoto) and the blockchain.


Source link

Related Articles

Shamma bint Sultan unveils ‘The Climate Tribe’ climate platform

Sheikha Shamma bint Sultan bin Khalifa Al Nahyan, President and CEO of UAE Independent Climate Change Accelerators (UICCA), has introduced 'The Climate Tribe,' a...

Beeah Education collaborates with Ajman University for a competition

Beeah Education, a subsidiary of the renowned Beeah Group, a regional sustainability pioneer, announces a partnership with Ajman University's College of Business Administration to...

UAE Long Weekend: 3-Day Getaway Starts at Dh725

The UAE's last long weekend is approaching, with residents eagerly planning a brief getaway. Both private and public sector employees will enjoy a day...

UAE Volunteers Provide Aid to Moroccan Quake Victims of All Ages

On September 8, a devastating 6.9 magnitude earthquake struck Marrakesh, Morocco, resulting in the tragic loss of 2,000 lives. The once-vibrant community now grapples...

Sheikh Mohammed and grandson meet famous racehorse

A heartwarming horse-loving moment for three generations of Dubai's ruling family. Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum shared a...

Latest Articles