At the heart of this initiative is a community-driven competition model that transforms traditional mining into a more engaging and rewarding experience. Unlike conventional mining structures that offer fragmented payouts, the model will reward participants based on each newly mined Bitcoin block, bringing back the excitement and fairness of early Bitcoin mining.

Rami Alsridi, Founder and CEO, Mining Grid said, “Our goal is to bring back the original vision of Bitcoin—a decentralized system where individuals can actively participate and benefit fairly. Our model ensures that individual miners have a real chance to win meaningful rewards, making mining more engaging and financially rewarding.”

This model provides an accessible and cost-effective entry point for individuals looking to participate in Bitcoin mining. By restoring fairness and decentralization to mining rewards, it fosters a global network where participants compete and collaborate, enhancing engagement while promoting sustainability and inclusivity.

Solaiman Al-Rifai, Founder and Board Member, Mining Grid said, “With over 50,000 app users, the demand for fair and competitive Bitcoin mining solutions is clear. This launch builds on the success of Mining Race and further strengthens our commitment to innovation and accessibility in the mining space.”

With Bitcoin’s mining difficulty reaching record highs and institutional players dominating the landscape, Cores Racing represents a transformative step in making mining more inclusive, rewarding, and competitive. Mining Grid continues to drive innovation as the industry evolves, ensuring that Bitcoin’s core principles of decentralisation and fairness remain at the forefront.

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The Mining Race is a global program designed to empower the community to actively participate in the primary mining market, contributing to the decentralised blockchain network. This innovative platform offers access to mining opportunities and fosters awareness and education about Bitcoin (BTC) and cryptocurrency adoption. The Mining Race awarded the highest achievers within its community, celebrating innovation, success, and teamwork. Additionally, Mining Grid’s newly launched showroom in Dubai will serve as a hub for crypto enthusiasts to explore the latest technologies – providing hands-on demonstrations of advanced mining equipment.

At the event, which welcomed guests from over 50 countries, Mining Grid emphasised the growing prominence of crypto and blockchain technology globally. Crypto, especially BTC, has seen increasing adoption as a trusted financial system, with experts projecting that up to 25% of global money supply transactions could transition to digital form in the near future. Blockchain’s transformative power lies in its ability to eliminate traditional intermediaries, decentralising financial transactions and allowing individuals and businesses to verify and process transactions independently.

The UAE continues to be a major player in the blockchain and crypto space, positioning itself as a key hub for technological innovation. With Dubai’s strategic vision and progressive regulatory environment, the country has become an attractive destination for blockchain-based businesses and investments.

Solaiman Al-Rifai, Founder and Board Member, Mining Grid said, “Mining Grid’s initiatives, such as the Mining Race and the new showroom, are aligned with the growing movement toward widespread Bitcoin adoption and the blockchain’s potential to reshape industries. As more businesses and individuals embrace the power of decentralisation, the future of finance is poised for a digital transformation.”

Rami Alsridi, Founder and CEO, Mining Grid said, “Bitcoin has grown from just a few cents to a market cap of $1.3 trillion, connecting communities worldwide. Through the Mining Race, we aim to unite the crypto community and build a stronger, decentralised future.”

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DeFi.Gold is backed by top investors, including Brian Rose (Founder of London Real), Walid Benothman (Managing Director at Bitpanda MENA & International), Mario Nawfal (Founder and CEO of International Blockchain Consulting), Shalini Wood (CMO of Babylonchain), Cypher Capital, Adrian Baschuk (Founding Partner of Ethernity Chain), Harry Yeh (incubator for Fantom, Lif3, Quantum), Phillip Lord (President of Oobit), Blox Media Group, Andromeda Protocols, Coach K, Elevate, RLR Fund, The Dude, , Mo Kumarsi (CEO of REV3AL), Alex Kravets (Cex.IO Ltd), Crypto Psychonaut (Principal at 3M Capital), Elevate Capital, Parker Place (Lead Developer at MetaMask), James Heckman (Owner of Sports Illustrated), Missnatoshi, and Joeri van Geelen (Founding Partner of NxGEN).

Mona Coyle, CEO of DeFi.Gold, commented: “We are honored to have the backing of such esteemed investors who share our vision of harnessing the security and scalability of the Bitcoin blockchain to revolutionize DeFi. By building on Bitcoin’s Layer 1 and the Lightning Network, we’re setting a new standard for secure, cost-effective, and fast transactions. This vote of confidence accelerates our mission to deliver a user-friendly and comprehensive Bitcoin DeFi experience.”

Founded by tech investors, Shidan Gouran and David Nikzad, DeFi.Gold aims to provide users with secure and decentralized trading, cost-effective transactions, and a streamlined NFT marketplace—all within a single, Bitcoin-based ecosystem. The highly anticipated token launch promises to introduce a new paradigm of financial services anchored by the robust infrastructure of Bitcoin.

Brian Rose, Founder of London Real, stated: “DeFi.Gold is pioneering a much-needed integration of DeFi and Bitcoin, bringing the security and trust of the Bitcoin network to DeFi. Their innovative approach, which includes utilizing advanced protocols like Taproot and RGB, ensures not only the security but also the efficiency of their platform. I’m excited to support a project that’s set to redefine the landscape and open new avenues for innovation in the crypto space.”

Walid Benothman, Managing Director at Bitpanda MENA & International added: “The potential of DeFi.Gold lies in its commitment to leveraging Bitcoin’s unparalleled security for DeFi applications. This platform’s ability to support a wide variety of digital assets, including Bitcoin, RGB, Runes, Taproot, and Ordinals, is a game-changer.”

Coach K echoed these sentiments: “DeFi.Gold is not just another DeFi project; it’s a vision for the future of finance, where security, decentralization, and innovation meet. By offering a unified marketplace that allows users to launch, manage and trade various assets seamlessly, DeFi.Gold is setting itself apart as an innovator in the Bitcoin DeFi space.”

By harnessing the unmatched security of the Bitcoin blockchain, DeFi.Gold is not just setting new standards as the world’s first all-in-one Bitcoin DeFi hub—it’s leading a revolution in how DeFi is accessed, secured, and experienced globally.

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The announcement comes during a period of expansion by GDA, which now operates 20 industrial-scale data centres across North America, South America, Europe, and Central Asia. 

The company’s first facility in South America is located in Rincón de Los Sauces, in the Neuquén Province and has a total capacity of 7 MW and 1 MW of backup. 

The Bajo del Toro Thermal Power Plant, composed of YPF, Equinor, and YPF Luz, will power 1,200 bitcoin mining machines and efficiently monetize stranded gas that would otherwise be flared into the atmosphere. 

Abdumalik Mirakhmedov, Executive President of GDA, said: “We believe that Argentina is an important country for Bitcoin mining, given its abundance of energy sources and business-friendly environment. 

“The opening of our first data center in South America is an important step in our geographic diversification efforts. And this will be yet another opportunity to show the world that Bitcoin mining can have a positive effect on the environment and can be fully integrated into local communities.” 

With an abundance of energy, a favorable political climate, and a strong crypto ethos, Argentina is becoming increasingly important for Bitcoin mining and the broader industry. 

For the new data center, GDA will use the electricity generated from stranded gas provided YPF Luz, an electric power generation company that has been leading the energy transition since 2013. 

As stated by the Intergovernmental Panel on Climate Change, methane gas adversely impacts the environment as it is responsible for approximately a third of the warming the world is experiencing. Methane mitigation techniques, such as the utilization of stranded gas, are important to reduce emissions and combat global warming.

As stated in a Massachusetts Institute of Technology working paper, Bitcoin mining could potentially reduce between 25% and 63% of carbon dioxide equivalent (CO2e) emissions by repurposing methane gas.

“In 2022, we were the first Argentine company to generate electrical energy for cryptocurrency mining from flare gas, an innovative solution in line with YPF’s energy transition needs,” said Martín Mandarano, CEO of YPF Luz. “This project with GDA allows us to bring YPF and Equinor, two companies committed to reducing the carbon footprint of their exploration activities, an adaptable and sustainable flare gas use solution.”

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The analysis from deVere Group’s Nigel Green comes as volatility for major cryptocurrencies including Bitcoin and Ether are at multi-year lows – and have been for several months now.

He comments: “The price of Bitcoin, the world’s largest cryptocurrency by market cap, is still hovering around $29,400 which is a major combat zone between bulls and bears.

“Until recently, crypto was typically characterised for its wild price swings.  But in recent months it’s been trading pretty flat, which is both a blessing and a curse for investors.”

The deVere CEO explains that as the cryptocurrency market matures, a decrease in extreme price fluctuations lends a sense of stability that is “crucial for its integration” into traditional financial systems.

“This newfound stability attracts institutional investors, who have been historically wary of entering the market due to its extreme price swings.”

He continues “This stability is also a boon for businesses and consumers looking for a reliable store of value or medium of exchange.

“As Bitcoin’s price becomes more predictable, it becomes a more viable option for everyday transactions. Businesses can confidently accept Bitcoin as a payment method without the fear of losing significant value between the time of purchase and conversion to fiat currency.”

While stability is beneficial for mainstream adoption, the reduction in volatility has raised concerns among investors seeking quick, higher risk, higher reward opportunities.

Bitcoin’s earlier reputation as a highly volatile asset attracted traders who thrived on rapid price swings. With the decrease in volatility, such opportunities for substantial short-term gains have become less common.

“For investors who thrive on volatility, the calmer waters of the Bitcoin market can feel limiting. They must adapt their strategies to the new normal, focusing on longer-term trends and holding positions for extended periods. This shift can be challenging for those accustomed to quick turnarounds and constant market action,” says Nigel Green.

To harness the benefits of Bitcoin’s stability while mitigating the drawbacks, investors are advised to adopt a diversified approach.

While Bitcoin’s reduced volatility might limit short-term gains, it also reduces the risk of significant losses. By allocating a portion of their portfolios to Bitcoin, investors can potentially benefit from its long-term growth prospects while managing overall risk.

Earlier this month, the deVere CEO included Bitcoin as one of three areas in which he is continuing to put his money this summer.  He said “Not only does Bitcoin remain one of the best performing asset classes of the decade, I believe its performance will further strengthen. Both institutional and retail investors are increasingly seeing the value of a digital, global, borderless and tamper-proof currency and store of value.

“This trend will increase as adoption picks up further and as confidence grows again in the global economy.”

One potential catalyst that will increase volatility into the market is if, as Nigel Green now believes is likely, the US financial regulator approves spot Bitcoin Exchange-Traded Funds (ETFs).

This prediction comes amid media reports that the US Securities and Exchange Commission (SEC) could imminently give the green light to a swathe of applications from various major asset managers.

Spot ETFs invest directly in underlying assets, typically stocks or bonds, at the current market price (spot price). They aim to replicate the performance of a specific index or asset class by holding a portfolio of the actual securities that make up the index.

He says “Should the SEC approve these filings, I expect the Bitcoin price will skyrocket.”

The deVere CEO concludes “While the lack of short-term volatility can be frustrating for some investors accustomed to making quick returns, in the longer-term it will help drive sustainable price growth.”

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However, considering Bitcoin’s global nature as well as the presence of its markets, the stringent regulatory environment in the US can’t be ignored. Even if the current surge in ETFS presents similar regulatory challenges for the SEC, the sentiment toward Bitcoin is most certainly changing. The past week saw Bitcoin’s return correlation with the US dollar that trended from a moderate inverse correlation of -0.5.

In the early part of the year, to -0.1, indicating a weak relationship. This is similar to the trending decrease in correlations to US equity markets that we’ve observed, which highlights Bitcoin’s divergence from macroeconomic factors that it has been tied to for most of the post-Covid years.

This may signal the returning diversification potential of cryptocurrency. Despite the positive trends taking place, Bitcoin has still not managed to break through the $31,000 mark. Bitcoin’s recent surge where it reached $30,000 between June 18 and 21 raised concerns regarding the possibility that most of its gains had already been realised. The current Bitcoin price has remained stuck at $29,000 as the market waits for the Fed decision – which many analysts believe will be the catalyst for a breakout movement of the world’s oldest digital asset.

Inflation and rate concerns globally have played their part in suppressing crypto prices, the cause for concern is that the lower holding prices of Bitcoin appear to reinforce that there aren’t sufficient buyers willing to take new positions just yet. Additionally, the significant influence of Whales in the market has surpassed retail investors. Whales engaged in accumulation activities for approximately two months, gradually reducing their accumulation just before the surge in Bitcoin’s value. Consequently, we are now witnessing retail investors entering the market at its peak.

Another valuable indicator to consider is the Puell Multiple, which analyses the fundamentals of mining profitability and their impact on market cycles. The Puell Multiple is calculated by comparing the daily coin issuance (in USD) to the 365-day moving average of daily coin issuance (in USD).

Interpreting the Puell Multiple generally follows this framework. High values indicate that current miner profitability is above the yearly average. Consequently, there is a higher incentive for miners to liquidate their treasuries, leading to increased selling pressure. Low values suggest that current miner profitability is below the yearly average. This may create income stress, prompting some miners to reduce hash power by turning off rigs. As a result, the remaining miners increase their share of the hash rate and sell fewer coins to cover operational costs, reducing their impact on the liquid supply.

Since the start of 2023, there has been a consistent rise in the Puell Multiple. Miners generally exhibit a bullish stance and maintain long positions in the assets they mine. They often accumulate surplus coins in their treasury reserves, which they do not immediately sell to cover ongoing expenses. In favorable market conditions, the value of their treasuries grows, attracting new miners to enter the market and prompting existing miners to expand their operations. This dynamic creates a balancing effect and provides an incentive for miners to sell a portion of their treasury reserves to uphold their share of the network’s hash power.In analysing market corrections, it is important to consider the prevailing uptrend that has persisted for a significant portion of this year. Within up-trending markets, corrections are a natural occurrence. During these periods, it is typically the short-term holders who exert a dominant influence, driving the price action.

While there are factors supporting positive bullish momentum, the increasing Puell Multiple trend and signs of seller exhaustion warrant attention. Further market volatility and movement in price may be necessary to activate spending from short-term holders, both those in profit and those in loss.

To read the full market commentary click here.

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According to data presented by AltIndex.com, despite being a risky investment with high volatility, Bitcoin brought positive returns to more than 70% of its holders.

The Best Performer Among the Largest Cryptos
Historically, Bitcoin has offered the potential for high returns. Between 2017 and 2022, BTC recorded an average ROI of 1,645%, outperforming all the world’s major indices. BTC returns in this period were 1,987% higher when compared to the Dow Jones and 1,734% above the ROI of the S&P 500 index.

The world`s largest and most expensive digital coin has also recovered surprisingly well after last year’s crypto winter, with its price surging by 85% in the year`s first half, the third-largest increase among the top cryptos. This helped Bitcoin cement its position as one of the best performers in the crypto space.

According to IntoTheBlock data, more than 70% of investors holding Bitcoin in their wallets have seen a positive return on their investment, much more than any other crypto in the top 10 list. On the other hand, 24% of them lost more money than they made.

Ethereum has the second-largest share of investors with a positive return, with 66.5% of them earning on ETH investments. After a massive drop amid the crypto winter, the price of the world`s second-largest cryptocurrency significantly recovered this year, jumping by 65% in seven months and rising from $1,200 to above $2,000 in July. But compared to Bitcoin, ETH has a higher share of holders who saw negative returns, or close to 30%.

Lido Staked Ethereum, Bitcoin Cash, and Litecoin, round the list of top five best-performing cryptos, with 62.6%, 60%, and 50% shares of investors with positive returns, respectively.

Polygon, Cardano, and AVAX were on the other side of the list. Statistics show the three worst-performing cryptos on this list brought losses to 84%, 81%, and 63% of their holders, respectively.

Bitcoin`s Trading Volume Hit $4.2T in H1
Besides ranking as the best-performing crypto on the top 10 list, Bitcoin also hit an impressive trading volume of over $4.2trn in H1, but still less compared to a year-ago period.

The CoinMarketCap data show crypto space saw nearly $5.12trn worth of BTC trades between January and June last year, or $845bn more than in the first half of 2023.

Statistics also show March was the top month for BTC trading in H1 2023, with $1.19trn in monthly trading volume. Last year it was May, which saw nearly $1.09trn worth of Bitcoin trades.

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This assessment from Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organisations, comes as Nellie Liang, the US Treasury Department’s undersecretary for domestic finance, noted that the federal government will start meetings in the “coming months” on a Central Bank Digital Currency (CBDC).

Speaking last week in a speech for the Atlantic Council, Ms. Liang said that US officials are “actively evaluating whether a CBDC is in the national interest,” and highlighted some of the potential benefits of a Federal Reserve-backed digital currency, noting it “could help preserve the dollar’s global role” and possibly reduce frictions in cross-border transactions.

Nigel Green observes: “This is the clearest sign yet that a digital US dollar could soon become a reality, pending Congressional approval.

“With the world’s largest economy now ramping up efforts, the global race to CBDCs is now intensifying.

“It’s estimated that more than 80% of central banks around the world are considering launching a central bank digital currency or have already done so. It appears that the US is now determined not to be left behind and is accelerating the project.

“It seems to have become a critical matter of global leadership, as China is the most economically powerful country to lead CBDC implementation.”

Proponents of CBDCs say digital payments can be processed faster than traditional cash or check payments, reducing transaction times and increasing the speed of commerce.

In addition, transaction costs could be cheaper to process than traditional cash or check payments, potentially reducing costs for businesses and consumers. A digital system could provide greater access to financial services for people who may not have access to traditional banking services.

“Whilst CBDCs might have many advantages, including convenience, efficiency and transparency, what they do not have is privacy,” says Nigel Green.

“In effect, the digital dollar is Big Brother-style surveillance technology.

“These state-backed, programmable digital currencies will provide governments greater oversight of citizens’ transactions in real-time, potentially leading to the collection of sensitive personal information.

“This could include information about individuals’ spending habits, income, and other financial activities. This has raised concerns about the potential for government abuse of this information, such as the use of financial data to monitor and control individuals’ behaviour.

“It’s an extra lever of control that they’ve never had before. This, says the deVere Group CEO, is why Bitcoin and cryptocurrencies, will become increasingly attractive.

“Why? Because they still have all the plusses of being digital, – speed, efficiency and convenience – but they are fundamentally different as they run on an open, immutable blockchain.

“They are global, decentralized – with no one authority able to control – borderless, tamper-proof and censorship-resistant.”

Despite the US Treasury appearing to prepare for the launch of a digital dollar, there are a growing number of voices in opposition.

Representative Tom Emmer has introduced legislation in the House of Representatives that could limit the Federal Reserve from issuing a central bank digital currency, or CBDC.

Last month, Emmer affirmed that he had introduced the “CBDC Anti-Surveillance State Act” in order to protect Americans’ right to financial privacy.

According to the lawmaker, the bill would prevent the Fed from issuing a digital dollar “directly to anyone,” bar the central bank from implementing monetary policy based on a CBDC, and require transparency for initiatives related to a digital dollar.

“Any digital version of the dollar must uphold our American values of privacy, individual sovereignty, and free market competitiveness,” he said. “Anything less opens the door to the development of a dangerous surveillance tool.”

Nigel Green concludes: “The US joining the CBDC race more fully underscores that digital is inevitably the future of money .

“It’s increasingly clear that in the not-too-distant future, we will have a multi-faceted system of currencies, including fiat, CBDCs, and crypto.

“Whilst there are pros and cons to all, for many people programmable, trackable CBDCs will be unattractive due to the privacy and government monitoring concerns.

“What’s urgently needed is sensible, informed public conversation.”

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The campaign is the brainchild of Ola Lind, Director – FTFT Capital and Global Blockchain Business Council UAE Ambassador whose vision is to short bridge the gap between mass adoption and the current dynamics of the crypto ecosystem by providing a platform for blockchain innovation and education.

Three students have managed to secure an internship with guest speaker Ed H., founder of TakeCapital and an active GBBC member; and as a result of the first session that was held at Murdoch University Dubai led by the speaker Dr Neda Keshavarzi, Research Development Specialist at FTFT Capital Investments.

The hour-long interactive session introduced the young adults to the world of cryptocurrency, talking about the different kinds of cryptocurrencies, their uses and a brief introduction on how to get started. FTFT Capital is leveraging its employees, customers and contacts for this campaign to offer students a hands-on-immersive learning experience and the opportunity whenever possible to secure employment or internships that will allow them to learn alongside industry leaders, develop their own projects, and hone their skills and expertise in the sector.

“With major improvements taking place in the crypto and blockchain field, we want the younger generation to look at this as a full-fledged career path rather than just an investment,” said Ola Lind, Director of FTFT Capital.

Through this program, FTFT Capital is harnessing the talents of their staff and their connections to provide the best experiences to the students. Along with their technical expertise, the speakers offer a personal touch to the campaign by discussing their own experiences, such as Ed’s, who first became active in the cryptocurrency industry when Bitcoin was just worth 0.6 USD.

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