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19/02/26 07:57 UTC-04

UAE Authorities Accumulate $450 Million in Bitcoin Through Mining

Approximately 4 BTC are deposited daily into a wallet linked to the government of the United Arab Emirates.

According to blockchain analytics firm Arkham, UAE authorities have mined more than $450 million worth of Bitcoin through the mining company Citadel. Analysts note that the Middle Eastern country retains the majority of the coins on its balance sheet.

Unrealized profit from the mined Bitcoin amounts to $344 million, excluding electricity costs.

As of 13:00 Moscow time on February 19, the wallet associated with the UAE government holds 6,786 BTC (approximately $455 million). The last recorded outflow occurred four months ago.

Arkham reports that over the past ten days, the wallet has received around 4.2 BTC per day from the Foundry mining pool — roughly $280,000 daily at the current Bitcoin price of about $67,000.

Mining output has recently increased: in early February, daily inflows did not exceed 4 BTC. Mining 4.2 BTC per day currently requires approximately 8,500 Ph/s (petahashes per second) of computational power.


Government Bitcoin Reserves

Analysts track sovereign cryptocurrency holdings but note that not all government wallets may be publicly known.

According to BitcoinTreasuries, the United States holds the largest amount of Bitcoin — 328,000 BTC. China ranks second with 190,000 BTC, followed by the United Kingdom with 61,000 BTC.

These three countries primarily add confiscated Bitcoin to their reserves. In contrast, similar to the UAE, Bhutan and El Salvador accumulate Bitcoin through mining, holding approximately 5,600 BTC and 7,500 BTC respectively.

See also: "Solo miner mined a Bitcoin block and earned nearly $213,000"

#Bitcoin (BTC) #Reserves

Editor: Alyona Nabok
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