Marathon Digital Holdings announced a partnership with digital assets infrastructure company Zero Two to establish a large-scale immersion Bitcoin-mining facility in Abu Dhabi.
On May 9, Marathon Digital announced that it would establish a joint venture in the United Arab Emirates, specifically in Mina Zayed and Masdar City, with two mining sites that will total 250 megawatts.
The larger facility, with a capacity of 200MW, will be constructed 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 intend to power the facilities using extra energy from Abu Dhabi’s grid to enhance base load and sustainability.
Marathon Digital stated that crypto mining in the scorching desert climate of Abu Dhabi, where temperatures average around 28°C (82°F), was deemed impractical. However, the firm claimed it resolved the issue by devising a tailored immersion solution to cool mining rigs in the proposed facilities, hinting at a liquid-cooling technique.
Marathon Digital and Zero Two will jointly own the ADGM Entity, with Zero Two controlling 80% and Marathon Digital 20%. The companies plan to launch both mining facilities in Abu Dhabi by 2024, generating a hash rate of around 7 EH/s.
Executives from the US-based crypto exchange Coinbase visited the UAE to test the region’s potential as a “strategic hub” for its international operations, coinciding with the report of the planned mining operation. Coinbase CEO Brian Armstrong meetings with policymakers and delivered a speech at the Dubai FinTech Summit
Also Read: Marathon Digital Posts Record 825 BTC Production in March 2023
