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UAE cryptocurrency giant, Global Digital Industry Group (GDIG), has established its mining subsidiary Bitworld and will invest $ 50 million in the company by 2021 as it works to build the company’s presence in Bitcoin and Ethereum mining. of the Middle East.
GDIG has appointed its mining manager, Planck Danny, as Bitworld CEO.
Pictured above: Planck Danny in the Dubai Burj Khalifa office with his team.
GDIG said that the traditional digital currency mining industry is limited by power requirements, hardware manufacturing, purchasing channels and other resource constraints, making it difficult for traditional financial firms to invest in currency mining projects. stable and profitable digital.
In the Middle East, the cost of oil and electrical resources is low, but the production capacity of mining machinery is subject to greater constraints, and the most advanced high-performance mining machinery is mainly produced in the Asia-Pacific region.
With the creation of Bitworld, the Middle East region will no longer be subject to the influence of mining machinery manufacturing capacity in other regions and means that Bitworld is able to prioritize supplying its miners to businesses in the region.
Planck CEO Danny, co-founder of GDIG, said: “Bitworld will leverage its R&D strengths to supply not only itself but also the entire Middle East, with the latest high-end professional mining machines. performance.
“Bitworld will also play an important role in providing equivalent computing power in the mining sector of digital currency rights commitments and mining machines, and is already interested in future cooperation with a number of energy companies in the Middle East and Asia Pacific.”
Bitworld will also explore new directions, opening up BTC, ETH and other cloud computing services to help balance the cost of energy consumption in global mines.
Global Digital Industry Group
Based in Dubai, United Arab Emirates, on the 132nd floor of the Burj Khalifa, with over 70 employees, it operates in two main businesses, the digital currency mining business and the Global Digital Industry Group Foundation.
Global Digital Industry Group Foundation
Involved in several blockchain projects like IPFS, BTW, CDS, etc. It is a global company that builds and invests in blockchain companies around the world. One of the most active investment firms in the blockchain space in the Middle East.
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