Marathon Digital Selects Abu Dhabi For Immersion Crypto Mining Expansion
May 10 2023 - 6:00PM
NEWSBTC
Marathon Digital Holdings Inc, a crypto mining company, recently
announced its partnership with digital assets firm Zero Two.
This announcement marks a major milestone in Marathon Digital’s
plan for global expansion. The creation of the “Abu Dhabi Global
Markets JV Entity” will involve joint ownership between both
companies, with Zero Two holding 80% ownership and Marathon Digital
holding 20%. Related Reading: Matrixport Report: Here’s What
Happens To Bitcoin If Inflation Continues To Fall Marathon plans to
capitalize on the advantageous climate and energy costs in Abu
Dhabi while forging valuable partnerships through its expansion
efforts. Marathon Digital Expands Into The Middle East The newly
formed joint venture with Zero Two will develop and operate two
digital mining sites with a combined capacity of 250 megawatts. The
sites will be located at two different places in Abu Dhabi. The
larger 200MW site will be located at a feasible hub in Masdar City.
The second site of 50MW will be located in the port zone of Mina
Zayed, Abu Dhabi. Marathon and Zero Two anticipate leveraging the
excess energy in Abu Dhabi to power the sites. According to the
firms, this approach will increase the base load and sustainability
of the Abu Dhabi power grid. In the past, the two firms ran a
trial project to see if Abu Dhabi, where the desert temperature has
historically made air-cooled digital asset mining unattainable,
might be a viable location for a large-scale operation. As such,
Marathon Digital and Zero Two developed a custom-built immersion
solution that’ll cool the ASIC miners and also developed the right
mining software. Notably, the infrastructure and mining equipment
needed has already been requested, and construction is underway.
Related Reading: PEPE, WOJAK, TURBO Take A Nosedive As Meme Coin
Euphoria Dies Down These mining sites are projected to be among the
most technologically advanced and energy-efficient mining hubs
globally. According to the current construction timelines, both
sites might be operational by 2024, with a total hash rate of about
7 EH/s. The news of the mining operation surfaced as executives
from Coinbase visited the UAE to assess the region’s potential as a
“strategic hub” for its global operations. The CEO of Coinbase,
Brian Armstrong, spoke at the Dubai FinTech Summit and met
decision-makers in UAE. Several U.S.-based crypto companies,
including Coinbase and Ripple, are considering relocating their
operations abroad due to the unfavorable regulatory environment in
the United States. The UAE appears to be a favorable jurisdiction
for crypto companies seeking a more welcoming regulatory climate.
Marathon Digital’s Crypto Mining Operations Might Boost Local
Economies The latest advancement in immersion technology, coupled
with the expertise of those involved, will be a significant benefit
to the companies involved and the local economy. As Marathon
partners with local businesses, it can create new job opportunities
and enhance economic growth in the region. With immersion
technology, the firm can help minimize the worries about the
negative effect of cryptocurrency mining. Featured image from
Pexels and chart from Tradingview.com
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