The United Arab Emirates has become another country enhancing its Bitcoin reserves. Recent data reveals that UAE has accumulated over 6,300 BTC.
UAE's Bitcoin Accumulation Strategy
According to data from Arkham Intelligence Firm, the UAE has amassed a significant amount of Bitcoin due to its infrastructural capabilities. The country's Bitcoin reserves exceed $706 million.
Mining as a Method of Accumulating Bitcoin
Unlike countries that acquire Bitcoin through purchases, UAE is using direct mining operations to bolster its reserves. Citadel Mining, owned by the UAE Royal Group, is actively involved in this process, receiving block rewards.
Trends in Bitcoin Accumulation Among Countries
In 2024, Bitcoin is drawing increasing attention from countries. The USA remains the leader in Bitcoin holdings with around 200,000 BTC, but UAE continues to grow its reserves through mining. The country's holdings are expected to keep increasing.
Thus, the UAE is demonstrating its capabilities in the cryptocurrency sector by using mining to accumulate Bitcoin without the need for purchases.
