Crypto mining company Marathon Digital Holdings has announced that it has partnered with digital asset infrastructure company Zero Two to create a large-scale immersive bitcoin mining facility in Abu Dhabi.
In a May 9 notification, Marathon Digital said the joint venture would be located in Mina Zayed and Masdar City in the United Arab Emirates and include two mines with a combined capacity of 250 megawatts. According to the company, Marathon and Zero Two plan to power The facility with excess energy from the Abu Dhabi grid, which it claims will increase its baseload and sustainability.
According to Marathon Digital, cryptocurrency mining in Abu Dhabi's desert climate where the average annual temperature is about 28 degrees Celsius (82 degrees Fahrenheit) is generally “not feasible.” The company said it had helped develop a “custom immersion so solution” to cool mining equipment at the proposed facility, suggesting a liquid cooling solution. "For this project, our team successfully co-developed and implemented a complete immersive solution, with proprietary mining software developed from the ground up to provide flexibility, Elasticity and op Timing."
Titled the Abu Dhabi Global Market Joint Venture, ownership of the project will be split between Zero Two and Marathon Digital, which will control 80 percent and 20 percent, respectively. The companies expect both Abu Dhabi facilities to come online by 2024 and gener ate a combined hash rate of around 7 EH/s. Executives from US cryptocurrency exchange Coinbase visited the UAE to test the region's potential as a “strategic hub” for its international operations, reporting on planned mining operations. Coinbase CEO Brian Armstrong met with policymaker s and spoke at the Dubai Fintech Summit.
