The United Arab Emirates (UAE) has quietly amassed approximately 6,782 bitcoins through mining activities, valued at around $453.6 million. According to Arcane Intelligence, this reserve primarily results from mining operations linked to the UAE’s Royal Group, where industrial-scale bitcoin production is ongoing. The unrealized profit from this reserve is estimated at about $344 million, excluding electricity and other operational expenses. On-chain data from Arcane indicates that UAE mining activities continue steadily, producing roughly 4.2 bitcoins daily last week. Most of the mined bitcoins remain held within the UAE, with the last transfer occurring four months ago. This distinguishes the UAE from other countries where bitcoin reserves are typically seized by law enforcement; instead, the UAE’s holdings are largely based on local mining efforts. Mining began in 2022 when Citadel Mining, connected to Abu Dhabi’s royal family, initiated large-scale operations on Al Reem Island. Efforts to develop digital asset infrastructure in the region have also intensified this year. In 2023, Marathon Digital Holdings and Abu Dhabi’s Zero Two launched a joint 250-megawatt bitcoin mining project, one of the largest industrial-scale initiatives in the region. These developments reflect the UAE’s ambition to become a global hub for cryptocurrency infrastructure. Additionally, Abu Dhabi’s sovereign wealth funds have made significant investments in BlackRock’s iShares Bitcoin Trust (IBIT), with holdings reaching approximately $630 million by the end of December. This investment aligns with the UAE’s economic diversification and long-term profit strategies. Meanwhile, the United States remains the largest sovereign bitcoin holder, possessing nearly 328,000 bitcoins valued at close to $22 billion. Currently, bitcoin’s market price hovers around $66,000.
Source: bitcoinmagazine
