Marathon To Launch 250-megawatt Capacity Mining Operation In Abu Dhabi
Key Points:
- Marathon Digital Holdings and Zero Two have unveiled a new mining operation in the Middle East.
- The operation’s initial mining location will be in Abu Dhabi’s Masdar City.
- The second mining location will be in Mina Zayed, Abu Dhabi’s harbor district.
Marathon Digital, a bitcoin miner, has forged a partnership with Zero Two, which is sponsored by Abu Dhabi’s sovereign wealth fund, to establish the Middle East’s first large-scale immersion bitcoin mining operation.
Marathon Digital said on May 9 that the joint venture would be situated in Mina Zayed and Masdar City in the United Arab Emirates, with two mining sites totaling 250 megawatts.
The bigger 200MW facility will be built in Abu Dhabi’s sustainability center, Masdar City, while the smaller 50MW plant will be located in the Mina Zayed port zone.
Marathon and Zero Two want to power the facilities using extra energy from Abu Dhabi’s grid, saying that this will boost base load and sustainability.
The Middle Eastern alliance comes as the White House campaigns for a new levy that would require crypto miners in the nation to pay 30% of their energy bills.
Zero Two will hold 80% of the ADGM Entity, while Marathon will possess 20%. The mining operation is anticipated to receive $406 million in capital expenditure throughout the development period of 2023. These gifts will include both financial and in-kind contributions. Marathon and Zero Two have already purchased equipment and infrastructure.
The digital assets mined by the ADGM Entity will be distributed twice each month and in line with Zero Two and Marathon’s equity ownership, respectively.
The companies said that they launched a pilot operation in Abu Dhabi to explore the feasibility of immersion mining. In hot areas, immersion mining, which includes immersing mining gear in a liquid coolant, is challenging. Nonetheless, two businesses were able to develop their own immersion solution and discovered that this strategy was practical.
The news of the prospective mining facility comes as officials from the US-based crypto exchange Coinbase visit the UAE to assess the region’s potential as a strategic hub for its worldwide operations.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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Marathon To Launch 250-megawatt Capacity Mining Operation In Abu Dhabi
Key Points:
- Marathon Digital Holdings and Zero Two have unveiled a new mining operation in the Middle East.
- The operation’s initial mining location will be in Abu Dhabi’s Masdar City.
- The second mining location will be in Mina Zayed, Abu Dhabi’s harbor district.
Marathon Digital, a bitcoin miner, has forged a partnership with Zero Two, which is sponsored by Abu Dhabi’s sovereign wealth fund, to establish the Middle East’s first large-scale immersion bitcoin mining operation.
Marathon Digital said on May 9 that the joint venture would be situated in Mina Zayed and Masdar City in the United Arab Emirates, with two mining sites totaling 250 megawatts.
The bigger 200MW facility will be built in Abu Dhabi’s sustainability center, Masdar City, while the smaller 50MW plant will be located in the Mina Zayed port zone.
Marathon and Zero Two want to power the facilities using extra energy from Abu Dhabi’s grid, saying that this will boost base load and sustainability.
The Middle Eastern alliance comes as the White House campaigns for a new levy that would require crypto miners in the nation to pay 30% of their energy bills.
Zero Two will hold 80% of the ADGM Entity, while Marathon will possess 20%. The mining operation is anticipated to receive $406 million in capital expenditure throughout the development period of 2023. These gifts will include both financial and in-kind contributions. Marathon and Zero Two have already purchased equipment and infrastructure.
The digital assets mined by the ADGM Entity will be distributed twice each month and in line with Zero Two and Marathon’s equity ownership, respectively.
The companies said that they launched a pilot operation in Abu Dhabi to explore the feasibility of immersion mining. In hot areas, immersion mining, which includes immersing mining gear in a liquid coolant, is challenging. Nonetheless, two businesses were able to develop their own immersion solution and discovered that this strategy was practical.
The news of the prospective mining facility comes as officials from the US-based crypto exchange Coinbase visit the UAE to assess the region’s potential as a strategic hub for its worldwide operations.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Harold
Coincu News
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