The 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 companyâ€™s presence in the Middle East bitcoin and Ethereum mining industry.
GDIG has appointed its mining head, Planck Danny as the CEO of Bitworld.
GDIG said the traditional digital currency mining industry is restricted by power requirements, hardware production, purchase channels and other resource constraints, making it hard for traditional financial businesses to invest in stable and profitable digital currency mining projects.
In the Middle East, the cost of oil and electricity resources is low, but the production capacity of mining machines is subject to greater constraints, and the most cutting-edge high-performance mining machines are mainly produced in the Asia-Pacific region.
By establishing Bitworld the Middle Eastern region will no longer be subject to the influence of mining machine production capacity in other regions, and mean Bitworld is able to give priority to supply their own miners to businesses in the region.
CEO Planck Danny, co-founder of GDIG, said: â€œBitworld will leverage its research and development strengths to supply not only itself, but also the entire Middle East, with the latest high-performance professional mining machines.
â€œBitworld will also play an important role in providing equivalent computing power in the mining business of digital currency rights pledges and mining machines, and is already interested in future cooperation with a number of energy companies in the Middle East and Asia Pacific.â€
Bitworld will also explore new directions, while opening BTC, ETH and other cloud computing services to help balance the cost of energy consumption in global mines.
Global Digital Industry Group
Headquartered in Dubai, UAE, on the 132nd floor of Burj Khalifa, with over 70 employees, it operates in two main businesses, digital currency mining business, and the Global Digital Industry Group Foundation.
Global Digital Industry Group Foundation
Involved in several blockchain projects such as IPFS, BTW, CDS, etc. is a global firm 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.