Topic: UAE now a pro-Bitcoin mining destination in the Middle East (Read 112 times)

One credit I never fail to give the UAE and every other Arabian country is that they channeled towards development and advancement and are very relentless in the pursuit of their goals.

I haven't verified this news but if it's true then it's a big win for the Middle east and a big win generally for  Crypto-currency the UAE is fast becoming a power house and an example to many nation especially the Islamic nations whose some of the law is in controversies with the idea of Bitcoin, so this would serve a good examples to other Islamic nations. I would keep close watch on this news and how it goes.

I cant really see how different does this make them considering there are far cheaper nations in that regard, but that doesnt mean nobody will do it, I am sure there will be some companies there but there wont all of them. Even after the ban, it is said that tgere are so many farms in china just approved by the government alone. All in all mining is a tough business and nobody should aim at making a ton of money from it, there isnt any room for growth there. You can get more machines or you can upgrade it but that is tge extend of what you can do, which means that its a limited business idea and shouldnt be considering UAE to do much with this neither, it would be a small deal and wouldnt make too many changes.

We don't know maybe sooner or later if UAE will be the next country to adopt bitcoin as a legal tender after El-Savador and Central African Republic, because they have always shown interest in the adoption od bitcoin and also in making provisions for the enabling environment for bitcoin, there have been a free zone for bitcoin trade aside the well recognized commercial world economic zone trading center, many opportunities have been coming from this region asise it oil boom several years ago, they have seek to accept the use of bitcoin legally in their regions for more opportunities that might comes in after it.

The Arab world is gradually getting so much attention in recent times. In sports, Saudi Arabia is now competing with most top European leagues for players. They have attracted some of the best players and coaches that the kingdom is now a major threat. In education, they have some of the best universities in their educational-free zone. Many top-class universities have their campuses in UAE and they have been striving well. If they have cheap and constant electricity and the government is willing to make the Emirates a mining hub by enacting friendly laws, then many miners and Bitcoin enthusiasts will be willing to give the kingdom a try. The Emirate has Islam as a state religion but these laws have been made flexible to attract investors and businesses. So with some Western nations becoming hostile to the crypto world, UAE can be the growing paradise for miners and others.

This is a major finding that demonstrates how the Bitcoin mining industry is changing on a worldwide scale. On the one hand, it is wonderful that the UAE is working to promote itself as a pro-Web3 centre. However, the idea that the UAE might use its unused electricity for Bitcoin mining poses some important concerns. Why isnt the excess energy being used more effectively to satisfy the requirements of the population in the UAE or, at the absolute least, to lower the price of power if there is a surplus that is being wasted?

Although it is admirable that the UAE is embracing nuclear and renewable energy sources for Bitcoin mining, I have my doubts about the long-term effects on the environment. It is no secret that mining Bitcoin does not entirely reduce its environmental impact, especially when using renewable resources. Watching the UAE handle this will be intriguing.

Additionally, the UAE's zero-tax regime undoubtedly provides Bitcoin miners with a favourable business climate, but what about the local economy? Is this strategy long-term viable and advantageous, or does it run the danger of upsetting the UAE's economic balance?

And of course what is inevitable is mass adoption in the Bitcoin cycle this year will occur crazier if UAE really gives the opportunity for Bitcoin miners in their country, this will be a payment for people who hold bitacoin.

But when I read the article given by the OP, I did not find a clear and visible reference it was only a speculation, and also there was no connection with the development/news that was in the current UAE, we need to confirm this news is true or not, because for I am quite ambiguous.

We have been having some bad news in the crypto space of late like SEC suing our top exchanges and what not and seeing this headline is the break we needed!

UAE coming on board is big news if you ask me, I see these guys going in big and wouldn't be surprised if they challenged the likes of Riot Blockchain, Inc, Marathon Digital Holdings and all in this business for top spot and I believe they have that power to go all in! Hope they won't be backing out and make this move to get crypto demand going...
This is Big Big NEWs!!

UAE has long been on the limelight to being a Crypto friendly nation. They are strategically positioned to take charge of the Crypto market by preparing a framework for the Crypto community. The UAE saw the future of Crypto currency and were quick to swing in the same direction with it by creating an enabling ecosystem for easy adaptability.

With this development and based on the research findings of MOProgress, UAE would be the next destination of miners citing the enabling ecosystem and environment created by the government and in return, revenue would definitely be generated by the government from the miners that would want to establish their mining farm there.

There are other countries which are also friendly to Bitcoin and other cryptocurrency. Hongkong has recently started attracting large investors and founders. Singapore has been doing it for quite sometime now. What I find interesting with this news is the UAE might become the only friendly country for the Bitcoin miners in the whole of middle east.

I don't think they would banish the miners later on because they are a very ambitious country otherwise why would they open Dubai Multi Commodities Centre (DMCC) before announcing this news. They have a complete strategy in place and abundant of green energy for the miners.

If UAE is now involved then you can say that crypto is going to some huge development now compared to the past few years. Let's just hope that they will gonna become crypto-friendly forever because that kind of nation can support the whole crypto miners all around the world with only itself. After the miners are always banished from other countries that they thought they gonna be their home, they can put their trust in UAE because this is a country where they don't just quickly change their minds after they made such huge decisions as this one.

Hmm, Interesting it's not the latest development in the domain but in my view because in 2021 UAE showed a positive stand with the market by providing a legal framework for the Crypto market as BTC and others, but my point here is yes the recent development is god from the legalization point of view.

But as you know for efficient mining setup we need low-cost resources such as energy and equipment UAE is the best choice on that point but don't forget the maintenance point of view because the Cooling factor is one of the most important after deployment factors, even before as well and UAE is a Hot climatic country, so it's a big challenge, anyway with good equipment it can be overcome but still it will raise the cost which is not good for a big facility. 

The United Arab Emirates (UAE) is gradually solidifying its status as a go-to Bitcoin mining destination in the Middle East. The country has established itself as a pro-Web3 destination for crypto-focused companies with over 30 free trade zones and a growing contribution to the Bitcoin mining hash rate.

The UAE’s mining journey began with Bitcoin miner Marathon Digital partnering with Zero Two — the digital asset arm of Abu Dhabi’s sovereign wealth fund — in May. The joint venture established two mining sites with a combined 250-megawatt (MW) capacity in Abu Dhabi.

Abu Dhabi has become a hub for all kinds of crypto mining activity in the UAE due to its energy efficiency and status as the center of trade in the country.

According to data from Hashrate Index, UAE’s combined Bitcoin mining capacity is likely around 400 MW — or 4% of Bitcon’s global hash rate. While the likes of the United States, China, Russia and Kazakhstan are the top four countries with the largest share of Bitcoin’s global hash rate, the UAE could gradually climb the ladder due to its available resources.
 
As a global player in the energy market, the UAE has shifted its focus from its oil and gas reserves toward solar and nuclear energy. Historically, the country’s electricity was generated by natural gas, but in the recent past, shares of nuclear and solar are growing rapidly.

UAE’s electricity demands fluctuate significantly between the hottest and coolest months, leading to a heavy loss of generated electricity. For example, in 2021, the UAE’s combined power and desalination plants wasted 20 terawatt hours, equal to approximately $600 million. This gap and wastage of electricity could be filled by Bitcoin miners.

With Bitcoin mining focused on using clean energy sources, the UAE could see a significant chunk of its energy coming from nuclear and renewable sources in the next decade. Thus, the surplus from these sources could be utilized by miners in the country. Among other advantages for miners is the country's zero-tax policy.

This means Bitcoin miners can register in one of the country’s over 30 free trade zones and avoid corporate tax, value-added tax and import duties — a significant advantage over operating in Western countries.

NEWS SOURCE HERE