The United Arab Emirates (UAE) has reportedly generated approximately $453.6 million worth of Bitcoin through its Bitcoin mining activities carried out through its partners.
The mining operations are reportedly being conducted in collaboration with global financial giant Citadel.
According to the data, the UAE prefers to hold onto the majority of the Bitcoin it produces. With the last on-chain outflows occurring approximately four months ago, and excluding energy costs, the country is reportedly making a profit of around $344 million on its current Bitcoin position.
The UAE stands out among countries with cryptocurrency-friendly regulations. The country applies a 0% tax on Bitcoin and other crypto assets.
According to current data, the UAE-based Royal Group is estimated to hold approximately 6,782 BTC. This amount represents about 0.03% of Bitcoin’s total supply. The on-chain analytics platform Arkham Intelligence tracks state-linked wallets and publicly shares information about such assets. However, the platform also notes that some state assets may not yet have been identified.
*This is not investment advice.
