Introduction of Cloud Miner
In a groundbreaking step for cryptocurrency in the UAE, telecom company du has introduced its innovative Bitcoin cloud mining service, dubbed “Cloud Miner.” This platform allows residents to engage in Bitcoin mining without the need to own or maintain expensive hardware. As reported by Gulf News, the new service is part of a subscription model, enabling users to rent computational power for their mining activities.
Subscription Model and Auction Details
The platform will be accessible through a bidding auction scheduled from November 3 to November 9, where interested participants can secure their mining contracts. Upon subscribing, each user will receive 250 TH/s of hash power for a duration of 24 months. Earnings generated from the mining process will be directly credited to users’ wallets according to their mining contributions.
Launch Event and Significance
Du officially launched Cloud Miner at a grand event at the iconic Burj Khalifa on November 2, marking a significant milestone as it is the first time a telecommunications firm in the UAE has ventured into the Bitcoin mining industry.
The UAE’s Position in Cryptocurrency
The UAE is rapidly establishing itself as a leader in blockchain advancements and regulated cryptocurrency operations. For instance, Dubai’s Virtual Assets Regulatory Authority (VARA) has implemented straightforward licensing systems to facilitate crypto activities. Moreover, prominent real estate developers like DAMAC Properties and Ellington are now accepting Bitcoin and Ethereum as payment options for property transactions.
Banking and Blockchain Integration
Additionally, banks such as Emirates NBD and Mashreq are exploring blockchain technology for payment processing, aiming for a more efficient and secure method for international transactions. The launch of du’s Cloud Miner service follows closely on the heels of Crypto.com gaining approval to allow Dubai residents to settle government fees using cryptocurrencies, showcasing the UAE’s growing acceptance and integration of digital assets into everyday life.
