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UAE now accounts for 3.7% of the global bitcoin mining activity

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UAE now accounts for 3.7% of the global bitcoin mining activity
UAE now accounts for 3.7% of the global bitcoin mining activity

Crypto.news – Recent data published by Hashrateindex indicates that the United Arab Emirates (UAE) is carving out market share from the global bitcoin mining sector. This development can be attributed to the their proactive adoption of web3 technologies and increasing access to renewable energy sources.

UAE emerges as a serious player in bitcoin mining

The UAE is known for its support of innovative technologies. With heavily subsidized electricity tariffs for specific sectors, the country has seen widespread home-based crypto mining and small-scale amateur mining setups.

The report highlights that UAE’s innovative approach to bitcoin mining, fueled by ambitious projects and abundant renewable energy, positions the country as a leader in the global industry.

With its expansion in electricity supply, partnerships with established players, and favorable access to capital, the UAE is paving the way for the future of bitcoin mining.

Further collaboration with government entities provide bitcoin miners with reasonable electricity rates in a scalable and sustainable manner, notes Hashrateindex.

Access to capital is excellent in the UAE, attracting wealthy investors who want to mine bitcoin within its borders.

While smaller-scale miners may face challenges finding hosting options within the UAE, mining-as-a-service companies like Phoenix Store and Blockfarms have emerged to meet the growing demand for bitcoin mining services in the region.

These companies offer hosting solutions abroad, bridging the gap for those interested in mining bitcoin but unable to establish operations within the UAE’s borders.

The UAE’s dominance in the Middle East’s bitcoin mining sector has significant implications for the global cryptocurrency landscape, according to the researchers. However, challenges remain regarding sustainable bitcoin mining growth in the UAE.

According to the report, the current tariff regime, with varying electricity rates across sectors, requires careful consideration to ensure a fair and equitable environment for all participants.

The report shows that the UAE supports global bitcoin mining by trying to balance subsidies, reasonable electricity rates, and long-term sustainability.

The UAE’s approach, access to capital, and business environment have made it a leader in the Middle East and a potential influencer in shaping the future of bitcoin mining worldwide.

By prioritizing sustainability and flexibility in meeting electricity demands, the UAE shows that mining can work alongside renewable energy initiatives, paving the way for a greener and more efficient cryptocurrency ecosystem.

The UAE’s advancements position it to have a part to play in the future of bitcoin mining as other countries strive to innovate and adopt the new technology.

Per the report, there is assumed average energy efficiency of 30 joules per terahash (J/TH). UAE’s bitcoin miners are estimated to generate 13 exahashes per second (EH/s). This translates to approximately 3.7% of the global Bitcoin hash rate, surpassing neighboring countries like Oman, Kuwait, Saudi Arabia, Bahrain, and Qatar.

While these energy-rich nations possess the potential for bitcoin mining, the UAE’s innovative approach and partnership-driven strategy have positioned it at the forefront of the industry, showcasing its leadership in the region.

Important developments in the BTC mining sector

, the issuer of the tether (USDT) stablecoin, recently announced its entry into bitcoin mining. Tether’s decision to start mining bitcoin in Uruguay is a great move that aims to make cryptocurrencies more accessible to people in the region. It also shows that big institutions are becoming more interested in the bitcoin mining industry.

Last month, Texas lawmakers approved several bills to make the state a hotbed for cryptocurrency mining activities. A favorable regulatory environment in Texas will help the growing demand for bitcoin mining.

As Bitcoin network transaction fees surge due to increased congestion, the emergence of BRC-20 tokens and Ordinals inscriptions has ignited a debate within the crypto community. The discussion revolves around whether Bitcoin should limit or ban these new use cases, despite increased demand for these new digital collectibles.

In addition to making BTC legal tender, president Nayib Bukele’s El Salvador is poised to become a giant in the bitcoin mining sector. The country is set to establish a renewable energy power generation park, reaffirming the country’s commitment to web3 and crypto adoption.

This article was originally published on Crypto.news

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Palantir, Anduril join forces with tech groups to bid for Pentagon contracts, FT reports

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(Reuters) – Data analytics firm Palantir Technologies (NASDAQ:) and defense tech company Anduril Industries are in talks with about a dozen competitors to form a consortium that will jointly bid for U.S. government work, the Financial Times reported on Sunday.

The consortium, which could announce agreements with other tech groups as early as January, is expected to include SpaceX, OpenAI, autonomous shipbuilder Saronic and artificial intelligence data group Scale AI, the newspaper said, citing several people with knowledge of the matter.

“We are working together to provide a new generation of defence contractors,” a person involved in developing the group told the newspaper.

The consortium will bring together the heft of some of Silicon Valley’s most valuable companies and will leverage their products to provide a more efficient way of supplying the U.S. government with cutting-edge defence and weapons capabilities, the newspaper added.

Palantir, Anduril, OpenAI, Scale AI and Saronic did not immediately respond to a Reuters request for comment. SpaceX could not be immediately reached for a comment.

Reuters reported earlier this month that President-elect Donald Trump’s planned U.S. government efficiency drive involving Elon Musk could lead to more joint projects between big defense contractors and smaller tech firms in areas such as artificial intelligence, drones and uncrewed submarines.

Musk, who was named as a co-leader of a government efficiency initiative in the incoming government, has indicated that Pentagon spending and priorities will be a target of the efficiency push, spreading anxiety at defense heavyweights such as Boeing (NYSE:) , Northrop Grumman (NYSE:) , Lockheed Martin (NYSE:) and General Dynamics (NYSE:) .

Musk and many small defense tech firms have been aligned in criticizing legacy defense programs like Lockheed Martin’s F-35 fighter jet while calling for mass production of cheaper AI-powered drones, missiles and submarines.

Such views have given major defense contractors more incentive to partner with emerging defense technology players in these areas.

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Weakened Iran could pursue nuclear weapon, White House’s Sullivan says

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By Simon Lewis (JO:)

(Reuters) -The Biden administration is concerned that a weakened Iran could build a nuclear weapon, White House National Security Adviser Jake Sullivan said on Sunday, adding that he was briefing President-elect Donald Trump’s team on the risk.

Iran has suffered setbacks to its regional influence after Israel’s assaults on its allies, Palestinian Hamas and Lebanon’s Hezbollah, followed by the fall of Iran-aligned Syrian President Bashar al-Assad.

Israeli strikes on Iranian facilities, including missile factories and air defenses, have reduced Tehran’s conventional military capabilities, Sullivan told CNN.

“It’s no wonder there are voices (in Iran) saying, ‘Hey, maybe we need to go for a nuclear weapon right now … Maybe we have to revisit our nuclear doctrine’,” Sullivan said.

Iran says its nuclear program is peaceful, but it has expanded uranium enrichment since Trump, in his 2017-2021 presidential term, pulled out of a deal between Tehran and world powers that put restrictions on Iran’s nuclear activity in exchange for sanctions relief.

Sullivan said that there was a risk that Iran might abandon its promise not to build nuclear weapons.

“It’s a risk we are trying to be vigilant about now. It’s a risk that I’m personally briefing the incoming team on,” Sullivan said, adding that he had also consulted with U.S. ally Israel.

Trump, who takes office on Jan. 20, could return to his hardline Iran policy by stepping up sanctions on Iran’s oil industry.

© Reuters. FILE PHOTO: Iranian flag flies in front of the UN office building, housing IAEA headquarters, in Vienna, Austria, May 24, 2021. REUTERS/Lisi Niesner/File Photo

Sullivan said Trump would have an opportunity to pursue diplomacy with Tehran, given Iran’s “weakened state.”

“Maybe he can come around this time, with the situation Iran finds itself in, and actually deliver a nuclear deal that curbs Iran’s nuclear ambitions for the long term,” he said.

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Ukraine says Russian general deliberately targeted Reuters staff in August missile strike

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(Reuters) -Ukraine’s security service has named a Russian general it suspects of ordering a missile strike on a hotel in eastern Ukraine in August and said he acted “with the motive of deliberately killing employees of” Reuters.

The Security Service of Ukraine (SBU) said in a statement on Friday that Colonel General Alexei Kim, a deputy chief of Russia’s General Staff, approved the strike that killed Reuters safety adviser Ryan Evans and wounded two of the agency’s journalists on Aug. 24.

In a statement posted on Telegram messenger the SBU said it was notifying Kim in absentia that he was an official suspect in its investigation into the strike on the Sapphire Hotel in Kramatorsk, a step in Ukrainian criminal proceedings that can later lead to charges.

In a separate, 15-page notice of suspicion, in which the SBU set out findings from its investigation, the agency said that the decision to fire the missile was made “with the motive of deliberately killing employees of the international news agency Reuters who were engaged in journalistic activities in Ukraine”.

The document, which was published on the website of the General Prosecutor’s Office on Friday, said that Kim had received intelligence that Reuters staff were staying in Kramatorsk. It added that Kim would have been “fully aware that the individuals were civilians and not participating in the armed conflict”.

The Russian defence ministry did not respond to a request for comment on the SBU’s findings and has not replied to previous questions about the attack. The Kremlin also did not respond to a request for comment. Kim did not reply to messages sent by Reuters to his mobile telephone seeking comment about the SBU’s statement and whether the strike deliberately targeted Reuters staff.

The SBU did not provide evidence to support its claims, nor say why Russia targeted Reuters. In response to questions from the news agency, the security agency declined to provide further details, saying its criminal investigation was still under way and it was therefore not able to disclose such information.

Reuters has not independently confirmed any of the SBU’s claims.

Reuters said on Friday: “We note the news today from the Ukrainian security services regarding the missile attack on August 24, 2024, on the Sapphire Hotel in Kramatorsk, a civilian target more than 20 km from Russian-occupied territory.”

“The strike had devastating consequences, killing our safety adviser, Ryan Evans, and injuring members of our editorial team. We continue to seek more information about the attack. It is critically important for journalists to be able to report freely and safely,” the statement said.

Reuters declined to comment further on the allegation that its staff were deliberately targeted.

The SBU statement said Kim had been named a suspect under two articles of the Ukrainian criminal code: waging an aggressive war and violating the laws and customs of war.

“It was Kim who signed the directive and gave the combat order to fire on the hotel, where only civilians were staying,” it said.

Evans, a 38-year-old former British soldier who had worked as a safety adviser for Reuters since 2022, was killed instantly in the strike.

The SBU statement gave some details about how the strike had occurred, according to its investigation.

“To carry out the attack, the Russian colonel general involved one of his subordinate missile forces units,” the Ukrainian agency said, adding that the strike was carried out with an Iskander-M ballistic missile.

The SBU did not identify the specific unit.

© Reuters. FILE PHOTO: Reuters safety advisor Ryan Evans holds a cat during a news assignment, as Russia's attack on Ukraine continues, during intense shelling in Kramatorsk, Ukraine, December 26, 2022. REUTERS/Clodagh Kilcoyne/File Photo

Ivan Lyubysh-Kirdey, a videographer for the news agency who was in a room across the corridor, was seriously wounded. Kyiv-based text correspondent Dan Peleschuk was also injured.

The remaining three members of the Reuters team escaped with minor cuts and scratches.

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