Marathon Digital Forms Joint Venture In Abu Dhabi Announcing Mining Sites 250 MW

Key Points:

• The initial project would consist of two 250 MW digital asset mining facilities. The new firm will be 80% held by FSI and 20% owned by Marathon, with an initial investment of $406 million.
• Marathon CEO Fred Thiel stated earlier this month that the business has made substantial progress in raising its hash rate while simultaneously shifting to more sustainable sources.

Marathon Digital, a cryptocurrency miner, has formed a joint venture with FS Innovation in Abu Dhabi to build and run mining operations.

According to a filing, the initial project would consist of two 250 MW digital asset mining facilities. The new firm will be 80% held by FSI and 20% owned by Marathon, with an initial investment of $406 million.

Marathon has traditionally contracted with hosting companies rather than owning the premises where it operates. The mining business has been battling with increasing energy costs and a drop in bitcoin prices from a peak in 2021. Many are deeply in debt, and several have declared bankruptcy.

According to Globalpetrolprices.com, electricity costs roughly $0.081 per kilowatt hour for homes in the United Arab Emirates, compared to $0.175 in the United States.

Coincu previously reported on January 6 that after paying off all of its revolver borrowings last month, the company increased Unrestricted Cash to $103.7 Million and Unrestricted Bitcoin Holdings to 7,815 BTC as of December 31.

Marathon ended the year with a hash rate of 7 EH/s, but it still anticipates that it will increase to 23 EH/s by the middle of 2023.

Marathon CEO Fred Thiel stated earlier this month that the business has made substantial progress in raising its hash rate while simultaneously shifting to more sustainable sources.

We remain confident in our ability to scale Marathon into one of the largest and most energy efficient bitcoin mining operations globally .We have thousands of miners ready to be energized over the coming months, which we expect to more than triple our current production capacity to approximately 23 exahashes by mid-year.”

Fred Thiel stated

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