UAE Cypher Capital previously known as Phoenix Capital has embarked on a 2 billion USD crypto mining farm in the UAE, which will be the biggest site in the globe. Bijan Ali Zadeh Fard, Partner at Cypher Capital told AIBC Summit Irena Heaver, “We started in the crypto mining scene in UAE since 2015 and recently we have embarked on the biggest crypto mining project in the UAE investing 615 million USD in crypto mining equipment from Bitmain for a 650 Megawatts facility as a first phase. The entire project will be totaled at 2 billion USD investment making it the the single biggest crypto mining site in the world.”
Fard also explained that they will be expanding the crypto mining ecosystem to other areas in the MENA region in partnership with Bitmain Technology provider. The project in the UAE should be finalized within the next 6 months.
Cypher Capital is utilizing the latest technology from Bitmain which includes evaporative water coolers. He states, “We have tested the water cooler equipment at 60 degree Celsius and they worked well. This is much more efficient as we utilize water at normal temperature in evaporative chillers. This is the first time this technology will be deployed and we are happy to be doing this here in the UAE.”
Fard and his team at Cypher Capital want to put the MENA region on the map as a dominant player in the Bitcoin mining ecosystem. He explains, “We are working to have 7 percent of the total Bitcoin Hashrate globally from the UAE, and later on have 25 percent of Bitcoin Hashrate globally from the MENA region. Fard discusses that if another scenario as per the likes of China or Russia should happen this would not affect the Bitcoin mining sector as it did last time.
In terms of energy utilization of Bitcoin mining Fard states, “The argument that Bitcoin mining is boiling the oceans is out of the table, that news is not always right. Today more than 90 percent of big miners are using green energy, and Bitcoin mining only makes up 0.5 percent to 1 percent of energy utilization globally.” Cypher Capital’ Crypto mining farm in the UAE is 100 percent green says Fard.
The UAE government has offered Cypher Capital crypto mining farm subsidized tariffs on electricity. As Fard states, “ In the future we want to sell the hashrate back to the community and people of the Middle East as we plan to build a blockchain city.”
Cypher Capital is not only building the largest Bitcoin mining farm in the world but it is also investing in Blockchain projects. As per Fard Cypher Capital has a 100 million USD fund aimed at seed investing in Blockchain projects.
Cypher CapitaI also building a 10,000 square feet Hub in Dubai UAE to offer Blockchain and crypto startups support, whether it is financial, legal, licensing, or event consulting support. Fard adds, “We have been investing in this ecosystem for four years, and now we are building this hub which should be completed in the next four months. We believe the only way to grow the blockchain ecosystem is to have an educated community who invest wisely. Our next stop is Singapore.”
Fard is a true believer in Bitcoin. He started mining in 2015 when Bitcoin was just 257 USD. He believe that the future is in DeFi, GameFi and the metaverse. He ends, “ We think all should be careful into which projects they invest in when it comes to DeFi, GameFi, and the metaverse but we will be looking at seed investments into these and other businesses.”
UNLOCK had previously interviewed Mr. Munaf Ali, CEO and Co Founder of Phoenix Technology when they first announced their crypto mining farm project in the UAE.
The post UAE Cypher Capital building Single Biggest crypto mining farm in the Globe appeared first on UNLOCK Blockchain.