Colife Announces Discovery of Cryptocurrency Mining in Rented Apartments

Dubai, UAE(Hexa PR Wire–August 24, 2023)–Dubai-based global rental service Colife, founded in 2022, recently discovered that some tenants have been using their rented apartments for cryptocurrency mining. The discovery was made after the company received an electricity bill that was approximately 300 times higher than the average monthly consumption.

Case Details: An Unexpected Finding

Upon investigation, Colife’s concierge service inspected an apartment and found a crypto mining farm operated by a young couple from the United States. Both employed in the IT sector, the couple had moved to Dubai amid the trend known as the Great Resignation. Although Colife’s rental contract states that the company covers electricity bills, the tenants have agreed to pay for the excessive usage.

Context: The UAE’s Growing Role in Cryptocurrency

The incident highlights the United Arab Emirates’ rising prominence as a destination for crypto-mining activities. Leveraging the digital assets of Abu Dhabi’s sovereign wealth fund, the UAE aims to become a leading hub for cryptocurrency mining. According to a YouGov survey, nearly two-thirds of adults in the UAE have shown interest in cryptocurrency, indicating the potential for similar cases in the future.

About Colife

Collife, Logo
Collife, Logo

Colife is a rental service headquartered in Dubai, specializing in stylish apartments with 24/7 concierge services. The company has over 200 units across Dubai, UAE, and Istanbul, Turkey. Colife plans to expand into new markets by the end of 2023.

Contact Information

Marina Dikareva:

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