From Oil to Hashrate: The UAE’s Transition into Bitcoin

• Some reports suggest that the UAE holds approximately 420k Bitcoin, but there are no official sources
• The UAE controls around 4% of the global Bitcoin hashrate
• The US controls 36% of the global Bitcoin hashrate and 94.8% of Bitcoin held by public companies is in the hands of the US firms.

While the US is leading in Bitcoin accumulation and hashrate distribution, the UAE is starting to develop into a rather big player in the global Bitcoin ecosystem, especially in the Middle East.

Officially, the US holds the most Bitcoin with more than 207k in its fold, but some reports suggest that the UAE holds approximately 420k Bitcoin, valued at around $46 billion. However, there are no official sources to support the claim, as this is more of a rumor that’s been spreading around. Even Changpeng Zhao (former CEO of Binance) shared this news last year on X but eventually deleted that post, likely due to no solid evidence.

Still, the UAE definitely holds some Bitcoin and the country is rapidly advancing its Bitcoin mining capabilities, with an estimated operational capacity of 400 megawatts last year. This accounts for about 4% of the global Bitcoin hashrate.

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