Marathon Digital Holdings and Zero Two have announced a new mining operation in the Middle East. press release May 9th.
The first mining site as part of the operation will be in Masdar, Abu Dhabi. The energy capacity is 200 megawatts (MW).
A second mining site will be located at Mina Zayed (Abu Dhabi’s port area) with an energy capacity of 50 megawatts (MW).
Both sites should be active with a hashrate of 7 EH/s by the end of 2023.
sustainable energy
Marathon and Zero Two said the operation would tap Abu Dhabi’s surplus energy and improve the sustainability of the city’s energy grid. The companies will also purchase clean energy certificates to offset unsustainable energy use.
The companies said they have conducted a pilot program to test the potential of immersion mining in Abu Dhabi. Immersion mining, where mining equipment is submerged in coolant, is difficult in hot climates. However, two companies created their own immersion solutions and found this approach to be feasible.
The mining operations will receive $406 million in capital expenditures. Marathon and Zero Two say they have already ordered equipment and infrastructure.
joint venture
To move forward with the project, Marathon and Zero Two formed a new entity called Abu Dhabi Global Markets JV Entity, which operates two cryptocurrency mining sites. Zero Two owns 80% of the company’s stock and Marathon owns 20% of the company’s stock.
Marathon is one of the most famous US-based cryptocurrency mining companies. In April, he reported mining 702 BTC ($20 million), and in total he said he operated 122,900 devices.
Little is known about Zero Two, except that it is an Abu Dhabi blockchain infrastructure developer, also registered as FS Innovation.
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