Blockchain Startups Diginex, Symbioses Plan To "Exponentially Increase" Crypto Mining Profitability

Omar Faridi
  • Blockchain startup Diginex and decentralized cloud computing platform Symbioses aim to develop "optimized" cryptocurrency mining processes.
  • Both companies aim to create a supercomputer network that will “automatically screen [crypto] market conditions … [and] use available market information” to determine which cryptocurrencies to mine for maximum profits.

Diginex, a blockchain and digital services platform, hsa signed a Memorandum of Understanding (MoU) with Switzerland-based decentralized cloud computing solutions firm, Symbioses SA, on September 3rd, 2018.

Per the MoU, both parties will aim to develop “optimized” cryptocurrency mining processes by utilizing Diginex’s proprietary distributed ledger technology (DLT) based infrastructure. Diginex’s platform will also be used to “verify the technical basis for the deployment of high-performance computing (HPC) applications.”

"Exponentially" Increasing Mining Profits

According to the press release published by Diginex, the blockchain startup will set up approximately 2,500 nodes (20,000 GPUs) at a large data center in Europe, in order to “perform optimized cryptocurrency mining.” All nodes will connect to the Symbioses network, which is designed to effectively use the processing power of GPUs to mine the “most profitable” cryptocurrencies.

As described in Diginex’s press release, the Symbioses network will “automatically screen [crypto] market conditions … [and] use available market information” to determine which cryptocurrencies should be mined “at that given moment.”

Symbioses’ “complex” HPC applications are reportedly designed to increase “current mining profit exponentially”. Moreover, the announcement explained that both Diginex and Symbioses plan to “test and verify the technical basis for the deployment of scientific simulations, tensor-flow deployment and rendering. “ TensorFlow is a widely-used open-source (code) library for numerical computations.

The HPC market, according to Diginex, is projected to grow to $44 billion by 2020 and “the provision of HPC in cloud [computing is] expected to be one of the fastest growing segments.”

"Optimizing" Cryptocurrency Mining

In order to tap into this emerging industry, Diginex plans to work cooperatively with Symbioses “to optimize cryptocurrency mining and HPC in an automated fashion.”

Diginex CEO Richard Byworth remarked:

"We believe in fostering the development of platforms that address the incoming wave of supercomputing demand. We are excited to partner with the Symbioses team, who have spent the last four years developing an automated and client-centric application aimed at lowering the entry point barriers of this technology."

Richard Byworth

Meanwhile, Symbioses founder and CEO Lucas Figueroa said that his company’s strategic partnership with Diginex has great potential because:

“its a company that has … the technical know-how …[and] values the highest levels of client service. This comes at an opportune time, as the demand for reliable and user-friendly solutions is set to increase exponentially."

Lucas Figueroa