Cryptocurrency mining company Marathon Digital announced partnering with Zero Two to create a large-scale mining site in Abu Dhabi.
A new joint venture, Abu Dhabi Global Markets (ADGM), will begin construction of two equipment facilities with a total capacity of 250 MW, according to the announcement.
The larger 200 MW site will be located in the Masdar City eco-district, while the remaining 50 MW units will be located in the Mina Zayed emirate’s port area.
The share in ADGM is distributed in the ratio of 80% for Zero Two and 20% for Marathon. The total investment in the project is expected to reach $406 million in 2023.
The digital assets mined by the organization will be distributed twice a month in accordance with the shares of each of the companies.
Previously, Marathon and Zero Two launched a pilot program to test the effectiveness of mining in Abu Dhabi, where “the desert climate made it potentially impossible to mine air-cooled cryptocurrencies.”
“To overcome these environmental issues, we have developed a custom immersion cooling solution for ASIC miners and implemented proprietary software to optimize their performance,” Marathon said.
Based on the companies’ calculations, new cryptocurrency mining sites will be built by the end of 2023, and their total hash rate will reach 7 EH / s.
Recall that at the end of 2022, Marathon reported a net loss of $686.7 million, having produced a total of 4144 BTC. In the first quarter of 2023, the company mined 2,195 BTC, a 41% increase from the previous period.
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Cryptocurrency mining company Marathon Digital announced partnering with Zero Two to create a large-scale mining site in Abu Dhabi.
A new joint venture, Abu Dhabi Global Markets (ADGM), will begin construction of two equipment facilities with a total capacity of 250 MW, according to the announcement.
The larger 200 MW site will be located in the Masdar City eco-district, while the remaining 50 MW units will be located in the Mina Zayed emirate’s port area.
The share in ADGM is distributed in the ratio of 80% for Zero Two and 20% for Marathon. The total investment in the project is expected to reach $406 million in 2023.
The digital assets mined by the organization will be distributed twice a month in accordance with the shares of each of the companies.
Previously, Marathon and Zero Two launched a pilot program to test the effectiveness of mining in Abu Dhabi, where “the desert climate made it potentially impossible to mine air-cooled cryptocurrencies.”
“To overcome these environmental issues, we have developed a custom immersion cooling solution for ASIC miners and implemented proprietary software to optimize their performance,” Marathon said.
Based on the companies’ calculations, new cryptocurrency mining sites will be built by the end of 2023, and their total hash rate will reach 7 EH / s.
Recall that at the end of 2022, Marathon reported a net loss of $686.7 million, having produced a total of 4144 BTC. In the first quarter of 2023, the company mined 2,195 BTC, a 41% increase from the previous period.
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