Summary
- It was reported that the UAE government has accumulated Bitcoin worth $455 million through mining operations.
- It said the UAE government’s unrealized gains from Bitcoin mining amount to $344 million.
- It stated that the UAE’s Bitcoin holdings are about 6,800 BTC, equivalent to 0.03% of Bitcoin’s total supply.
The government of the United Arab Emirates (UAE) has accumulated Bitcoin (BTC) worth $455 million (about 660 billion won) through mining operations.
On the 19th (local time), The Block, citing data from crypto analytics firm Arkham, reported that the UAE government has mined Bitcoin worth $453.6 million to date. The UAE government’s unrealized gains from Bitcoin mining are said to total $344 million.
Previously, in 2022, the UAE established a large-scale mining facility together with Citadel Mining, a Bitcoin mining company linked to the Abu Dhabi royal family. In 2023, Marathon Digital Holdings announced plans to build a large-scale Bitcoin mining facility based in the UAE. The UAE government is reported to have mined an average of 4.2 Bitcoin per day over the past week through such mining infrastructure.
The UAE’s current Bitcoin holdings are estimated at about 6,800 BTC, equivalent to 0.03% of Bitcoin’s total supply. According to Arkham, the UAE has not moved any of its Bitcoin holdings over the past four months.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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