Mining-as-a-service is gaining traction in the UAE, with telecom giant du launching its cloud mining service via its sub-brand for local customers.
By Wahid Pessarlay
Editor Kirsten Thijssen
Updated
2 mins read
The UAE-based telecom giant du has launched its “Cloud Miner,” a mining-as-a-service platform, which will take care of hardware, electricity, and maintenance for its customers.
According to a report by The National, du’s Cloud Miner allows UAE residents to subscribe to crypto-mining capacity instead of buying hardware. This lowers the barrier for everyday users to participate in crypto mining.
Per the report, the Cloud Miner subscribers will be offered multiple plans, starting at 250 terahashes per second (TH/s) of computing power. Contract owners will subsequently receive results in the form of mined Bitcoin (BTC) into their crypto wallets.
A publicly available calculator will show subscribers how much Bitcoin they could earn monthly and its equivalent value, helping users estimate their returns.
The cost of these plans hasn’t been disclosed in the report, but The National wrote that customers can take part in an online auction between Nov. 3 and 9 to secure a contract. Also, there’s a 24-month lock-in period for the first phase, the report added.
The lock-in period implies that users commit long-term, which could affect liquidity and flexibility for subscribers. It also signals the company expects stable adoption.
Jasim Al Awadi, chief information and communications technology officer at du, emphasized the need for trust and solid regulation. “For people to trust mining, they need a trusted partner … that follows all the rules and regulations of the country,” he said.
The UAE is one of the most crypto-friendly countries, as residents are allowed to buy, sell, hold, and trade digital assets.
While multiple agencies regulate the asset class, including the Securities and Commodities Authority for the mainland UAE, the Virtual Assets Regulatory Authority in Dubai, and the Financial Services Regulatory Authority in Abu Dhabi, the overall regulations have been transparent and crypto-friendly so far.
Last month, Bybit, a leading cryptocurrency exchange, received complete regulatory approval from the SCA to operate in the country.
The Crypto.com exchange also received the Stored Value Facility license from the Central Bank of the UAE on Oct. 13, Coinspeaker reported.
Moreover, du says once adoption is higher, they expect to expand capabilities and offer more “adjacencies” – such as exchanges, lending – in the crypto-asset space.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid 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 on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.