Cryptocurrency mining company Marathon Digital Holdings has announced that it has partnered with digital asset infrastructure firm Zero Two to create a large-scale immersive bitcoin mining hub in Abu Dhabi.
In the May 9 announcement of Marathon Digital he said The three way partnership will probably be based in Mina Zayed and Masdar City within the United Arab Emirates, comprising two mines with a combined capability of 250 megawatts. According to the corporate, Marathon and Zero Two plan to power the facilities with surplus power from the Abu Dhabi grid, saying it should increase base load and sustainability.
According to Marathon Digital, cryptocurrency mining in Abu Dhabi’s desert climate – where the typical annual temperature is around 28 degrees Celsius (82 degrees Fahrenheit) – was often “unattainable”. The company said it helped develop a “tailor-made immersion solution” for mining platform cooling on the proposed facilities, suggesting a liquid cooling solution.
“For this project, our team successfully co-developed and deployed a full immersion solution in addition to developed proprietary mining software from the bottom up to make sure flexibility, resilience and optimization,” said Fred Thiel, President and CEO of Marathon Digital.
We are completely happy to share the small print of our recent one #Bitcoins mines within the United Arab Emirates. Owned and operated by a three way partnership with Zero Two, this initiative represents the primary large-scale bitcoin mining operation within the Middle East. Learn more: https://t.co/vFROdM6urR
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) May 9, 2023
Ownership of the project, called Abu Dhabi Global Markets JV Entity, will probably be split between Zero Two and Marathon Digital, with the 2 corporations controlling 80% and 20% respectively. The two corporations expect each facilities in Abu Dhabi to be online by 2024 and generate a combined hash rate of around 7 EH/s.
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The report on the planned mining operation got here from executives at U.S. crypto exchange Coinbase, which visited the United Arab Emirates to check the region’s potential as a “strategic hub” for its international operations. Coinbase CEO Brian Armstrong met with policy makers and spoke on the Dubai FinTech Summit.
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