The United Arab Emirates (UAE) is betting on block reward mining and is now the biggest BTC mining hub in the Middle East, a new report says.
UAE has emerged as a major Web3, blockchain, and digital asset hub in recent years, with its friendly regulations attracting major players, including OKX, BitOasis, and SmartLedger. The country is also investing billion into blockchain adoption, with BSV blockchain among the leading networks with public and private enterprises.
As block reward mining firm Luxor Technologies reveals, the UAE is now one of the fastest-growing BTC mining destinations. In a recent report, Luxor revealed that at 4% of the global BTC hash rate, the country is the largest mining hub in the Middle East.
UAE’s foray into mining started in 2021 when the country’s sovereign wealth fund Zero Two (then known as FS Innovation) partnered with local miner Phoenix Technologies on a 200 MW hydro-cooled facility.
Earlier this year, U.S. miner Marathon Digital (NASDAQ: MARA) announced a partnership with Zero Two to establish a $400 million facility. The two are building two sites with a combined 250 MW capacity in Abu Dhabi, the largest emirate in the UAE.
Luxor reveals that while the state is leading large-scal