UAE Strikes Gold in the Desert: $344 Million Profit from Bitcoin Mining with Citadel
Man, the UAE is really showing how to play the long game in crypto. Through their partnership with Citadel Mining, they've turned surplus energy into serious cash—netting a tidy $344 million in profits so far.
It kicked off a few years back with a massive setup on Al Reem Island in Abu Dhabi: an 80,000-square-meter facility humming with mining rigs. Citadel, tied closely to UAE royal interests via the International Holding Company, handled the heavy lifting. They mined Bitcoin the old-school way, validating transactions and earning rewards.
According to recent tracking data, the operation has pulled in about $453.6 million worth of Bitcoin total. After subtracting energy and other costs, that leaves the UAE with $344 million in pure profit. They've held onto most of it too—around 6,300 BTC still sitting in their wallets, worth hundreds of millions more depending on the market swing.This isn't seized crypto like some countries have; it's straight-up earned through mining. Smart move for a nation looking beyond oil. With cheap natural gas and a pro-crypto vibe, the UAE's basically converting excess power into a digital hedge against traditional markets.
It's paying off big time and putting them on the map as a real player in global Bitcoin holdings. Who knew the desert could mine so much digital gold? If Bitcoin keeps climbing, those numbers could look even sweeter. Pretty cool pivot for the Emirates.
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