UAE based Active Energy Group to start mining Bitcoin

Active Energy Group PLC (AIM:AEG, OTCQB:ATGVF)will use its spare capacity across its UAE digital infrastructure network for Bitcoin mining. This will be part of its treasury management strategy to add another value stream. In October, AEG pre-sold more than a third of the capacity at its first 8MW UAE project before construction had even started, with strong demand from clients in artificial intelligence data hosting and blockchain computing.

The company will utilize unused power capacity to generate revenue during phased site energization. Any Bitcoin mined will be held within treasury limits, with digital assets capped at 30% of total holdings.

“This strategy is a clear example of how Active Energy and its board continue to look for innovative and disciplined ways to maximise shareholder value,” chief executive Paul Elliott said in a statement this week.

“By utilising spare infrastructure capacity efficiently, we avoid idle assets, accelerate cash generation, and maintain full flexibility to support long-term client growth.

“It also demonstrates how our energy platform and digital infrastructure strategy work together to create a differentiated and scalable business model.”

Active Energy Group noted that it aimed to scale to 100MW of capacity within the next 12 months and expand to more than 300MW in the UAE, with a longer-term goal of reaching 1GW of global capacity.

The UAE has become an attractive destination for Bitcoin mining. In October 2023, Zero Two, and Marathon Digital Holdings, Joint entity based out of ADGM Abu Dhabi for crypto mining was inaugurated. It included a 200 MW Bitcoin mining facility at Masdar Abu Dhabi.

While more recently, du, UAE’s telecom and digital services provider, became the first telco in the country to launch a Cloud Mining as a Service (MaaS) offering called “Cloud Miner”, an ICT Infrastructure to pioneer sustainable crypto innovation. “Cloud Miner” is designed exclusively for UAE residents in line with du’s commitment to transparency, security, and regulatory compliance.