Dubai-based telecommunications operator du has launched a cryptocurrency mining service for UAE residents through its du Tech data centres.
The service, called Cloud Miner, allows customers to rent computational power on a subscription basis to mine Bitcoin and other cryptocurrencies. An online auction will run from November 3-9 for residents who want to participate.
The platform eliminates the need for users to manage hardware, pay electricity costs or handle maintenance. Operations can begin immediately after subscription.
UAE telecom operator du introduces Bitcoin mining-as-a-service for customers
“And once customer adoption becomes higher, it enables other adjacencies in the industry,” Jasim Al Awadi, chief information and communications technology officer at du, told The National in an interview before the launch.
“The crypto industry has a lot of other adjacencies such as exchanges and lending โฆ irrespective of cryptocurrency or other kinds of products, it made a lot of sense for us to offer it,” he said.
Cloud Miner operates under du Tech, a sub-brand introduced last year alongside du Infra as part of a restructuring of the company’s business-to-business operations.
“In the coming years, we expect to see more people adopting it because we are planning even to expand the capabilities of mining-as-a-service moving forward,” Al Awadi said.
The first phase involves hosting bids for contracts with a 24-month lock-in period. The number of contracts will expand in the second phase, according to Al Awadi.
Users will gain access to a calculator showing monthly Bitcoin earnings and corresponding values.
Contracts offer 250 terahashes per second capacity
Each contract provides capacity of 250 terahashes per second monthly, which converts to Bitcoins linked directly to users’ crypto wallets. A terahash equals 1 trillion hashes per second, with a hash being a 64-digit hexadecimal number containing data on a block on the blockchain.
The hashrate offered by du is cost-effective compared to other options, according to a hashing calculator from Crypto Compare. The company is open to offering higher hashrates in future.
“Whatever technology evolution will come moving forward โฆ we always evolve our services to fit our clients,” Mr Al Awadi said.
Bitcoin has remained above $100,000 despite volatility. Analysts and crypto proponents have described digital assets as the future of finance. The UAE has implemented regulations to boost digital finance adoption and has welcomed crypto platforms to build the ecosystem.
Du previously told The National it was open to adding crypto tools to its du Pay FinTech service.
“The adoption of cryptocurrencies expanded in the last two years when big names stepped in,” Al Awadi said. “And, today, for people to trust mining, they need a trusted partner โฆ that follows all the rules and regulations of the country.” he added.
