Key Notes
- Telecom company du has launched a cloud miner in the UAE.
- The contracts reportedly begin at 250 TH/s.
- The first auction for these contracts runs from November 3 - 9.
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.
Trust and Regulation
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.
