The United Arab Emirates has mined more than $450 million worth of Bitcoin, according to on-chain data from Arkham. This comes even as the broader crypto market remains under pressure, with Bitcoin trading near recent lows.
Arkham estimates that UAE-linked mining operations have generated approximately $453.6 million in Bitcoin, with the majority of those coins still held on-chain. Excluding energy costs, the position is currently estimated at $344 million in unrealized profit.
On-chain data shows limited selling pressure
Despite Bitcoin’s recent pullback to the $66,000–$67,000 range, Arkham data shows no significant outflows from UAE-linked mining wallets over the past four months.
This suggests that mined BTC has largely been retained rather than distributed to exchanges, even as price momentum weakened.
The absence of recent outflows contrasts with prior market downturns, where miners often accelerated selling to cover operational costs.
In this case, the data points to a more patient treasury strategy, likely supported by low-cost energy access and long-term balance sheet planning.
Bitcoin miner revenue indicator signals stability, not stress
Technical data from TradingView reinforces the on-chain picture. The Miner Revenue [MIREV] indicator, which tracks miners’ revenue relative to historical norms, remains well above capitulation levels.
Source: TradingView
Historically, sharp drops in MIREV have coincided with forced selling and miner distress. In the current cycle, however, miner revenue has compressed alongside price without collapsing, indicating that miners are not under immediate financial pressure.
This aligns with Arkham’s finding that UAE-linked mining entities are holding production rather than distributing supply, even as Bitcoin trades far below recent highs.
Strategic positioning amid market weakness
The data suggests that UAE-backed mining activity is being treated less as a short-term revenue stream and more as a strategic accumulation play.
With Bitcoin still well above average production costs and miner revenue remaining stable, there appears to be little incentive for large operators to rush supply onto the market.
This behaviour mirrors a broader trend among well-capitalized miners, in which access to cheap energy, sovereign partnerships, or deep financing enables operators to wait out periods of price weakness.
What this means for the Bitcoin market
While Bitcoin’s short-term price action remains fragile, the lack of miner-driven selling pressure reduces one of the market’s most common downside catalysts.
Large-scale miners choosing to hold rather than sell effectively tighten available supply, even during drawdowns.
That does not guarantee a near-term price recovery, but it does suggest that the current decline is not being driven by structural stress within the mining sector.
Final Summary
- UAE-linked miners have generated over $450 million in Bitcoin with no major outflows in months
- Miner Revenue [MIREV] remains stable, signalling no miner capitulation