UAE Mines $453.6 Million in Bitcoin via Citadel Partnership
Arkham data reveals UAE-linked Citadel Mining holds over 6,700 BTC with $344 million in unrealized profit, producing 4.2 BTC daily and retaining most mined assets for strategic accumulation.
BTC
Fact Check
Multiple consistent primary sources from reputable cryptocurrency news outlets and industry platforms report that the United Arab Emirates engaged in a Bitcoin mining partnership with Citadel, citing the specific figure of $453.6 million worth of Bitcoin mined. These include Binance Square posts, KuCoin news flashes, and Phemex news articles, all referencing data from Arkham — a known blockchain analytics provider. The reports consistently mention UAE and Citadel as partners, and they align on both the mined amount and the derived profit figures. There are no credible contradictory sources in the provided set; some sources only offer related market context without addressing the claim directly. The consistency of the mined value and partnership details across multiple outlets and the attribution to a recognized data source strongly support the statement's truthfulness. While the exact official confirmation from UAE government or Citadel is not included, the repeated reporting and industry data give a high likelihood that the claim is accurate.
Summary
Arkham’s blockchain analytics report shows Citadel Mining, linked to the UAE, holds $453.6 million in Bitcoin, amounting to approximately 6,782 BTC—0.03% of the total supply—alongside $344 million in unrealized profit. The operation yields 4.2 BTC daily and retains most mined coins, with the last recorded outflow occurring four months ago. This accumulation strategy reinforces the UAE’s growing role in institutional-scale Bitcoin mining.
Terms & Concepts
- Bitcoin mining: The process of using computing power to validate transactions on the Bitcoin blockchain and earn newly created Bitcoins.
- Unrealized profit: The gain in value of an asset based on current market prices compared to acquisition costs, without having sold the asset.
- Arkham: A blockchain analytics platform that tracks on-chain data and provides insights into cryptocurrency holdings and transactions.