UAE mined Bitcoin worth $454 million

The United Arab Emirates, through partners like Citadel, mined Bitcoin worth about $453.6 million. According to Arkham data, the last large sales happened four months ago, and most of the coins are still being held.

If energy costs are not counted, the current profit from mining is estimated at around $344 million.

People in the community are saying this strategy may show a plan to hold Bitcoin for the long term. The high estimated profit also shows that mining in places with cheap energy is still profitable.