Abdumalik Mirakhmedov, GDA’s Co-Founder and Executive President,
Doha, Qatar: Genesis Digital Assets (“GDA”), one of the world’s leading bitcoin mining companies in terms of hash rate, will spotlight the industry’s role as a key global driver for clean energy and innovation at Web Summit Qatar next week.
From flared gas to hydropower, and heat repurposing to grid stabilization, Abdumalik Mirakhmedov, GDA’s Co-Founder and Executive President, will deliver a presentation analysing how sustainable practices and advancements in bitcoin mining are shaping the future of the industry, and the future of money.
Mirakhmedov, who will speak from the summit’s new energy stage on Wednesday afternoon, 26th February, said: “Bitcoin mining is already making a real impact by stabilizing power grids and driving the growth of renewable energy worldwide.
“It has contributed to innovative solutions in waste heat utilization, job creation, and reducing methane emissions. With ongoing support from jurisdictions around the world, we will continue to explore new technologies and approaches to build a greener future and find the next big breakthrough.”
Mirakhmedov explains that bitcoin mining plays an important role in encouraging green energy investment, with its flexible demand for large amounts of electricity making renewable energy projects more profitable.
In addition, by using excess renewable energy that would otherwise be wasted, bitcoin miners help stabilize these energy sources and expand the development of clean energy infrastructure.
GDA’s first data centre in South America, opened last year in Rincón de Los Sauces, Argentina, exemplifies how bitcoin mining companies work with energy producers to positively impact the environment.
This cutting-edge facility significantly reduces emissions by generating energy from stranded gas that a local power company would otherwise burn off into the atmosphere.
Meanwhile, the power company offsets its related emissions costs, which could potentially lower oil prices in the region.
Five of GDA’s 11 US data centres are located in Texas, which showcases how bitcoin mining stabilizes power grids by acting as a flexible energy consumer.
