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Author: Admin | 2025-04-28
Time, it was a myth, but we ordered it, and our site on the Reem Island is now quite a unique site in the world. In finishing that, we have become one of the biggest mining companies in the world, as per capacity."Now, there are a lot of environmental concerns associated with crypto mining, which makes use of a network of energy-hungry computers that validate Bitcoin transactions, as well as to compete to solve computational challenges and earn new Bitcoin. For his part, Alizadeh is well-aware of these issues, and doesn't turn a blind eye to them- which is why he is proponent of satiating crypto mining's need for power from renewable energy sources."About 95% of our power comes from hydropower plants, so we have no issue on that part," he says. "I think that in the future, Bitcoin and crypto miners need to be very careful, because the world is going to be carbon neutral by 2030 or 2035, so anyone investing in crypto mining should use electricity that is green, either solar, wind power, or essentially hydro."The next chapter for Ali and Alizadeh was creating a venture capital arm under the Phoenix Group that aimed to invest in blockchain startups. "In 2019, one of our managers asked me to give him seed money to start investing in a blockchain project, and my immediate response was that we are a Bitcoin miner, that I'm a Bitcoin maximalist, and that I don't believe in anything else," Alizadeh recalls. "But he came back two-three times, and so, we started by investing $500,000 in a blockchain project that went really well. In six months, we increased the capital for Phoenix VC to $10 million, and the team has since invested in over 150 projects." The success of Phoenix VC led Alizadeh to set up Cypher Capital, a $100 million early-strategy venture firm investing in crypto, blockchain, and other digital asset projects, in 2021. "We put in our own money," Alizadeh says. "We didn't raise money from outside sources. The idea with Cypher Capital is to invest in blockchain projects, with an eye on regional talent. If you get a regional talent-driven project, our Cypher Lab will try to help, essentially not only to fund them, but also with other business aspects, because few look at business the way we do. We are very structured, and this structure will help them avoid mistakes."To
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