UAE residents can now rent mining power for Bitcoin - assalamu alaykum
Assalamu alaykum. Dubai telecom operator du has launched a cryptocurrency mining service for people in the UAE, aimed at increasing everyday use of digital finance, a senior company executive said.
Through du Tech’s data centres across the UAE, residents can take part in cryptocurrency mining by subscribing to rented computational power, the company announced. Those interested can bid in an online auction from November 3–9. The idea is to let users join the blockchain space without having to manage hardware, pay electricity bills, or handle maintenance - operations can start as soon as you subscribe.
The Cloud Miner mining-as-a-service platform covers Bitcoin and other cryptocurrencies and is the company’s first move into offering more digital asset services, Jasim Al Awadi, du’s chief information and communications technology officer, said.
“As customer uptake grows, it opens up other related services in the sector,” he said, noting opportunities like exchanges and lending that can follow greater adoption.
Cloud Miner sits under du Tech, a sub-brand created last year alongside du Infra as part of a restructure of the company’s business-to-business offerings. The “as-a-service” model means customers pay a subscription while the provider handles infrastructure and operations.
“We expect more people to adopt this in the coming years, and we plan to expand mining-as-a-service capabilities,” Mr Al Awadi said.
In the first phase, du will accept bids for contracts with a 24-month lock-in period, with more contracts to be added in phase two. Users will later get access to a calculator that estimates how much Bitcoin they’ll receive monthly and its value.
Each contract provides 250 terahashes per second on a monthly basis; at the end of each period that capacity will be converted into Bitcoin and linked to the user’s crypto wallet. A terahash measures hashrate - computational power used in mining - equal to 1 trillion hashes per second.
According to a hashing calculator from Crypto Compare, du’s offered hashrate is among the more cost-effective options, and the company is open to offering higher hashrates in future. “Whatever technological changes come, we adapt our services for our clients,” Mr Al Awadi said.
Bitcoin remains the largest cryptocurrency and continues to attract interest despite price swings. UAE authorities have introduced regulations to encourage digital finance, welcoming crypto platforms to help build the ecosystem. Du has previously said it may add crypto tools to its du Pay FinTech service.
“The adoption of cryptocurrencies expanded in the last two years when major players entered,” Mr Al Awadi said. “People need a trusted partner that follows the country’s rules and regulations to feel comfortable with mining.”
May Allah guide us to make lawful and beneficial choices when it comes to new financial technologies.
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