UAE | ForkLog - Part 3

ForkLog 15 24.05.2024

UAE Imposes Fines for Cryptocurrency Mining on Farms

The Abu Dhabi Agriculture and Food Safety Authority (UAE) has issued a warning regarding the illegality of cryptocurrency mining on farms, as reported by Khaleej Times. The agency emphasized that mining could lead to a sharp increase in electricity bills. “This activity is considered an improper use of the farm for purposes other than its […]

AI translated

ForkLog 16 18.03.2024

OpenAI in Talks with Abu Dhabi’s MGX for AI Chip Investment

State-backed investment firm MGX from Abu Dhabi is in discussions with OpenAI representatives regarding potential funding for an AI chip production project. This was reported by the Financial Times (FT), citing sources. According to the publication, the industry-focused fund was launched in mid-March and is managed by UAE’s national security advisor, Sheikh Tahnoon bin Zayed […]

AI translated

ForkLog 15 12.03.2024

Dubai Police Unveils Cardano-Based Forensic Solution

The Dubai Police Department has showcased a pilot project based on the Cardano network for storing and transmitting data related to criminal investigations. This was revealed by GhostFund co-founder Chris O. #Cardano fam, massive real world adoption update by @Cardano_CF! One of the wealthiest nations in the world, UAE is employing @Cardano to secure its […]

AI translated

ForkLog 16 10.01.2024

Phoenix Group Secures $187 Million Deal with Bitmain

The mining firm Phoenix Group announced a $187 million contract with the bitcoin mining equipment manufacturer Bitmain. Details have not been disclosed. In December, the company reached a similar agreement with rival equipment supplier MicroBT for $380 million. Phoenix Group explained that these initiatives reflect the firm’s ambitions to reshape the global mining landscape and […]

AI translated

ForkLog 6 18.12.2023

Kazakhstan and UAE to jointly curb illicit use of cryptocurrencies

The UAE and Kazakhstan intend to cooperate in the fight against financial crime and in the seizure of illicit digital assets.

AI translated

ForkLog 5 05.12.2023

Phoenix Group’s mining firm jumps 50% on first day of trading

Phoenix Group, the Abu Dhabi-based mining company, opened on the first trading day at 2.25 AED. The IPO priced at 1.5 AED, Bloomberg reports.

AI translated

ForkLog 13 22.11.2023

Abu Dhabi-based mining firm Phoenix Group raises $370 million in IPO

Abu Dhabi-based mining company and colocation services provider Phoenix Group announced a 33x oversubscription to its shares in an IPO of $370 million.

AI translated

ForkLog 7 18.10.2023

Binance FZE chief explains the Middle East’s appeal for crypto firms

Progressive regulatory framework allows the UAE and Bahrain to attract major crypto firms. This was stated in an interview by Binance FZE CEO Alex Chihaid.

AI translated

ForkLog 10 31.07.2023

Binance wins licence to operate as a crypto exchange in Dubai

Binance's subsidiary Binance FZE became the holder of a basic operational licence to provide digital asset-related services in Dubai.

AI translated

ForkLog 9 28.07.2023

Bloomberg: Phoenix Technology, operator of mining centres, plans IPO in Abu Dhabi

The UAE-based mining company Phoenix Technology has begun preliminary talks on conducting an initial public offering (IPO). Bloomberg reports citing its own sources.

AI translated

ForkLog 13 06.07.2023

Experts explain the specifics of mining in the UAE

The UAE generates about 3.7% of the global Bitcoin hashrate and is the fastest-growing mining centre in the Middle East. Luxor's experts arrived at this conclusion.

AI translated

ForkLog 8 26.06.2023

Binance names UAE a ‘key hub’ for the crypto industry

The Bitcoin exchange Binance regards the UAE as a "key point" for its business. This was stated by regional manager Alex Chehaid.

AI translated

#UAE