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 company’s presence in the Middle East bitcoin and Ethereum mining industry.
GDIG has appointed its mining head, Planck Danny as the CEO of Bitworld.
Pictured above: Planck Danny at the Dubai Burj Khalifa office with his team.
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…