Key notes
- Telecom company Du has launched a cloud mining tool in the UAE.
- Contracts reportedly start at 250 THA/s.
- The first auction for these contracts will be held from November 3 to 9.
UAE-based telecom giant Du has launched ‘Cloud Miner’, a mining platform as a service, which will take care of hardware, electricity and maintenance for its customers.
According to A a report By The National, du’s Cloud Miner allows UAE residents to subscribe to cryptocurrency mining capacity instead of purchasing hardware. This lowers the barrier for ordinary users to participate in cryptocurrency mining.
According to the report, multiple plans will be offered to Cloud Miner subscribers, starting at 250 terahashes per second (TH/s) of computing power. Contract holders will later receive results in the form of Bitcoin (BTC) mined in their cryptocurrency wallets.
The publicly available calculator will show subscribers how much Bitcoin they can earn per month and its equivalent value, helping users estimate their returns.
The cost of these plans was not revealed in the report, but The National wrote that customers can participate in an online auction between November 3 and 9 to secure the contract. The report also added that there is a 24-month lock-in period for the first phase.
The lock-in period means that users are committing for the long term, which may impact liquidity and flexibility for subscribers. It also indicates that the company expects stable adoption.
Trust and organization
Jassim Al Awadhi, CEO of ICT at du, stressed the need for trust and strong regulation. “For people to trust mining, they need a reliable partner…that follows all the rules and regulations of the country,” he said.
The UAE is one of the most cryptocurrency-friendly countries, with residents allowed to buy, sell, hold and trade digital assets.
While several agencies regulate the asset class, including the Securities and Commodities Authority in the UAE mainland, the Virtual Assets Regulatory Authority in Dubai, and the Financial Services Regulatory Authority in Abu Dhabi, overall regulations have been transparent and crypto-friendly so far.
Last month, Bybit, a leading cryptocurrency exchange, received full regulatory approval from the Securities and Commodities Authority to operate in the country.
Coinspeaker reported that the Crypto.com exchange also obtained a stored value facility license from the Central Bank of the United Arab Emirates on October 13.
Furthermore, Du says that once the adoption rate picks up, it expects to expand capabilities and offer more “adjacent elements” – such as exchanges and lending – in the crypto-assets space.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Waheed has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured in some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Beyond the reports, Wahid likes to connect the dots between DeFi and macro in his On-chain Monk newsletter.
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