UAE Telecom Giant du Launches Cloud Miner Service

UAE telecom company du has launched "Cloud Miner," a mining-as-a-service platform.
Cloud Miner allows UAE residents to subscribe to crypto-mining capacity, avoiding the need to buy hardware.
Subscribers can choose from plans starting at 250 terahashes per second (TH/s) and receive mined Bitcoin into their wallets.
A calculator is available for subscribers to estimate potential Bitcoin earnings and their equivalent value.
No pricing details disclosed; an online auction will be held from Nov. 3-9 for contract acquisition with a 24-month lock-in period.
Long-term commitment could impact liquidity; indicates expected stable adoption by du.

Trust and Regulation

Jasim Al Awadi of du stresses the importance of trust and regulatory compliance in crypto mining.
The UAE is favorable towards cryptocurrencies, allowing buying, selling, holding, and trading.
Regulation is managed by various authorities, including SCA, VARA, and FSRA, ensuring transparency and crypto-friendliness.
Bybit and Crypto.com have recently received regulatory approvals to operate in the UAE.
du plans to expand its offerings as adoption increases, potentially adding services like exchanges and lending.