I noticed some interesting statistics: the UAE has accumulated a significant Bitcoin portfolio through its own cryptocurrency mining. Currently, they have about 6,700 BTC in their wallets worth approximately $450 million, with unrealized profits of $344 million. It turns out that cryptocurrency mining in the Persian Gulf has been operating for several years and is yielding results.

What’s interesting is that they’re not just buying Bitcoin like Western countries through confiscations. Instead, the UAE has built a real mining infrastructure. Citadel Mining, linked to the Abu Dhabi royal family, launched large facilities back in 2022. Later, Marathon Digital joined with a project of 250 megawatts and immersion cooling — one of the largest in the region. These operations now produce about 4.2 BTC per day.

In August, when Bitcoin was higher, their assets were valued at around $700 million. Now the price has fallen, but they’re not panicking or selling. It seems the UAE views cryptocurrency mining as a long-term reserve accumulation strategy. While many miners sold at a loss, they continued to hold and accumulate. Quite a good position for a country, if you think about it.