Crypto mining company Marathon Digital Holdings announced that it has partnered with digital asset infrastructure company Zero Two to create a full-scale immersion Bitcoin mining facility in Abu Dhabi.
In a May 9 notice, Marathon Digital saying The joint venture will be based at Mina Zayed and Masdar City in the United Arab Emirates, and will comprise two mining sites with a combined capacity of 250 megawatts. According to the firm, Marathon and Zero Two plan to feed the facility with excess power from the Abu Dhabi grid, claiming it will increase their baseload and sustainability.
crypto mining in desert climate from Abu Dhabi, where the average annual temperature is about 82 degrees Fahrenheit (28 degrees Celsius), was often "unfeasible," according to Marathon Digital. The firm said it had helped develop a "custom immersion solution" to cool mining rigs at the proposed facility, suggesting a liquid cooling solution.
โFor this project, our team successfully co-developed and implemented a full immersion solution, as well as built proprietary mining software from the ground up to provide flexibility, resiliency and optimization,โ said Marathon Digital President and CEO, Fred Thiel.
We are excited to share the details of our new #Bitcoin mining sites in the United Arab Emirates. Owned and operated through a joint venture with Zero Two, this initiative marks the first large-scale dipping Bitcoin mining operations in the Middle East. Learn more: https://t.co/vFROdM6urR
โ Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) May 9, 2023
Ownership of the project, dubbed the Abu Dhabi Global Markets JV Entity, will be split between Zero Two and Marathon Digital, with the two companies controlling 80% and 20%, respectively. The two companies expect both Abu Dhabi facilities to be online by 2024 and produce a combined hash rate of approximately 7 EH/s.
Related: Dubai to Abu Dhabi: How NFTs are used in the United Arab Emirates
The report of the planned mining operation came amid executives from United States-based crypto exchange Coinbase. visiting the united arab emirates to test the region's potential as a โstrategic hubโ for its international operations. Coinbase CEO Brian Armstrong met with policy makers and spoke at the FinTech Summit in Dubai.
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