du has launched a cloud-based platform which allows customers to participate in mining Bitcoin. This move was envisioned by the operator as part of a broader effort to improve access to cryptocurrencies in the UAE.
In a statement, du explained the Cloud Miner platform allows UAE residents to rent the required computational power on a subscription basis to engage in Bitcoin mining.
Customers wishing to participate are invited to an online auction running from 3 November to 9 November as part of a first phase, with contracts on offer for a lock-in period of 24 months.
The number of contracts will be expanded in the second phase.
Cloud Miner is being positioned as a mining as a service platform, explained du, and also covers other cryptocurrencies. Essentially, it allows users to engage in mining without facing the challenges of owning hardware, paying electricity costs or maintenance concerns.
It will run the service through data centres in the UAE, with each contract offering a capacity of 250 terahashes per second on a monthly basis. This will be converted into cryptocurrency, linked directly to crypto wallets.
Speaking to The National, du’s chief ICT officer Jasim Al Awadi said mining was the first step for the operator to provide more digital assets services.
“The adoption of cryptocurrencies expanded in the last two years when big names stepped in”, said Al Awadi. “And today, for people to trust mining, they need a trusted partner that follows all the rules and regulations of the country”.
Source: Mobile World Live
Image Credit: Stock Image
