Matthew Sigel, Head of Digital Assets Research at VanEck Investment firm speaking on CNBC SquakBox noted that three new BRIC members, Argentina, UAE, and Ethiopia have begun mining Bitcoin using government resources
According to him this is a trend among BRICS nations toward exploring digital assets for economic resilience and financial independence.
Tremendous urgency to circumvent the fiscal policy in USA.
He also noted in the interview that Russia’s Sovereign Wealth Fund is investing in Bitcoin mining throughout BRICS countries with the goal of settling global trade in Bitcoin.
This comes months after a Bloomberg story about Chinese bitcoin miners in Ethiopia and Ethiopia plans of its government-funded $250M Bitcoin mining JV.
At the time Sigel tweeted, “Despite the ban on crypto trading in the country, 2022 saw the ratification of favorable data mining laws that permit “high-performance computing” and “data mining,” which is where bitcoin mining falls under. In the last two years, this has opened the floodgates to miners seeking its comparatively positive reception to bitcoin mining, coupled with its abundance of energy sources—chiefly hydro—to its optimal weather and cheap energy costs.”
UAE was one of the first to have a sovereign wealth backed crypto mining entity listed on the Abu Dhabi Stock Exchange. Phoenix Group currently holds 4% of Bitcoin mining globally.
In Oman as well, Chinese backed and UAE backed Phoenix Group have invested in Bitcoin mining projects in the country.
