Mining Grid, a UAE-based blockchain technology startup providing innovative solutions in digital assets, announced the launch of its first ‘Mining Race’, a cutting-edge initiative set to transform the mining landscape in the Middle East and globally.
The Mining Race offers a user-friendly platform that unites its subscribers – known as racers.
The company said it aims to build a community of at least one million users by 2025 from 1,500 subscribers currently.
Mining Grid will connect the racers by assigning them a position – known as Spot – in the network and redistribute mining rewards based on a pre-programmed structure.
Available both on IOS and Google – the interface is streamlined, allowing racers to effortlessly set up an account, book their spot and connect with a Bitcoin miner.
Rami Alsridi, Co-founder and Managing Director of Mining Grid said the Mining Race app allows users to access mining services such as buying a ‘Bitcoin Miner’ with hosting services, monitoring its performance and receiving their mining rewards.
“Our platform is designed to cater to both experienced miners and those exploring the crypto space for the first time,” he said.
Traditional Bitcoin mining is reliant on non-renewable energy, posing significant environmental challenges.
The Race to Zero Carbon initiative by Mining Grid, positions the mining industry as a key player in shaping a sustainable future, Alsridi said.
Mining Race meets diverse community needs
Solaiman Al-Rifai, Board Member, Mining Grid, said Mining Race addresses the evolving needs of the diverse blockchain community in the Middle East.
“As the region embraces the future of technology, Mining Grid leads the charge with a commitment to innovation, sustainability, and a greener tomorrow,” he said.
The company’s cutting-edge initiative is set to democratise asset mining to drive the global adoption of Bitcoin, and uphold a strong commitment to environmental, social, and governance (ESG) values.
Its in-house software development capabilities play a pivotal role in supporting both projects and the community.
According to Chainalysis, the MENA region has the sixth-largest crypto economy of any region, estimated at $390 billion in on-chain value between July 2022 and June 2023.
As the demand for blockchain technology continues to surge in the region, the Mining Race positions itself at the forefront of innovation.
According to reports, UAE, in particular, has seen a remarkable increase in crypto adoption and has been ranked third globally achieving a score of 7 out of 10.
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