The United Arab Emirates has amassed over $700 million in Bitcoin through mining operations in Abu Dhabi, primarily linked to Citadel Mining, which is owned by entities of Abu Dhabi’s royal family. This strategic accumulation positions the UAE as a significant state holder of Bitcoin, highlighting its venture into cryptocurrency through industrial-scale mining.
Arkham Intelligence reports that Citadel Mining, associated with the UAE Royal Group and operating under Sheikh Tahnoon bin Zayed Al Nahyan, has mined approximately 6,300 Bitcoins. This approach distinguishes the UAE from countries like the US and UK, which acquire Bitcoin through asset seizures. The UAE's involvement in Bitcoin mining suggests a potential shift in its economic strategies, integrating digital currencies into its national framework and possibly influencing global state cryptocurrency strategies.
UAE Accumulates $700 Million in Bitcoin Through Mining Operations
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