Crypto news recap: UAE emerges as bitcoin mining destination
- Date: 09-Jul-2023
- Source: Al Bawaba
- Sector:Financial Markets
- Country:UAE
Crypto news recap: UAE emerges as bitcoin mining destination
ALBAWABA - In crypto news recap, UAE cements its position as a Bitcoin mining destination, stablecoin issuers Circle and Tether freeze $65 million in assets linked to Multichain exploit, Twitter Payments obtains money transmitter licenses in the US, and FTX-Taylor Swift sponsorship reportedly called off by former CEO. All these exciting developments continue to shape the crypto landscape, so let's dive in!
The United Arab Emirates (UAE) is steadily establishing itself as a prominent Bitcoin mining destination in the Middle East, garnering attention from crypto-focused companies. With more than 30 free trade zones and a growing contribution to the Bitcoin mining hash rate, the UAE is positioning itself as a pro-Web3 hub for such enterprises.
The UAE's mining endeavors took off when Bitcoin miner Marathon Digital partnered with Zero Two, the digital asset arm of Abu Dhabi's sovereign wealth fund, in May. This joint venture led to the establishment of two mining sites in Abu Dhabi, boasting a combined capacity of 250 megawatts (MW).
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