In a Q&A session with TECHx Media, Abdumalik Mirakhmedov, the Executive President of GDA, shares his insights on the current landscape of bitcoin mining in the GCC region, the advantages and opportunities it presents, and GDA’s future plans.
How do you view the current Bitcoin mining landscape in the GCC region?
The GCC area is relatively new for large-scale bitcoin mining companies, yet it has been experiencing active growth with several significant launches in the past 12 months. Innovations such as liquid cooling and immersion cooling are expected to significantly contribute to the expansion of operations within the region. We are optimistic that the development of the bitcoin mining sector will maintain its upward trend in the future, both in the short and long term.
What do you see as the main advantages and opportunities for bitcoin mining in the region?
Local governments are strongly supporting the expansion of the bitcoin mining industry, which we view as essential for the advancement of the entire sector. The region is poised to significantly increase its green energy production, a critical consideration for large-scale bitcoin mining companies alongside energy costs. Key benefits also include the region’s access to capital and the ease of doing business, which we believe are very positive for bitcoin mining companies.
What plans do you have in place for GDA in the GCC countries now that you have a regional base in Dubai?
GDA is a vertically integrated company with data centres distributed all over the globe. We are always looking for good spots for our data centres, and we believe that GCC countries have enormous potential in relation to the development of the Bitcoin mining sector. Having established our office in Dubai, we are excited about the opportunity to further extend our operations within the region.
Having built a significant network of data centres, what are the main factors which are shaping your future expansion?
Our core business strategy and operational outlook remain focused on the long-term fundamentals. Bitcoin mining plays a vital role in maintaining the security, decentralization, and continuity of the bitcoin network itself. As one of the largest bitcoin mining companies globally, we remain committed to investing in computational power, energy efficiency, and operational scale to support the bitcoin network’s growth.
While we keep expanding our operations across different regions of the world where we are currently established, we are also focused on improving our efficiency and finding new ways to innovate in the space. A good example of this is that we’ve been exploring new ways to utilize wasted heat from Bitcoin mining operations. Some of our data centres already repurpose heat, particularly in Sweden, where our machines have been used to defrost cars in a parking lot and to heat a greenhouse during cold weather.
Wherever we operate, we become an integral part of the local community. For example, we mostly hire local contractors and, when possible, we use infrastructure and technology that was built in the same country where we are mining.
At GDA, we take environmental, social, and governance matters very seriously. We understand the importance of using renewable energy and are committed to continuing investing in clean energy sources and technologies that reduce – and will eventually eliminate – our carbon footprint. We partner with renewable and clean energy producers, providing flexible energy demand that helps strengthen local power grids, returning excess power when needed.
What other factors do you believe can influence the way the bitcoin mining industry develops in the GCC region?
It’s great to see the commitment of the UAE and other GCC countries towards development of green power generation. We are confident that this dedication will significantly contribute to positioning the region prominently on the bitcoin mining map and securing a substantial portion of the total computational power of the bitcoin network.
