- Marathon Holdings and Zero Two have launched a joint venture.
- Their initiative has led to opening Bitcoin mining sites in the UAE.
- With this move Bitcoin mining operations will flourish in the Middle East.
Marathon Digital Holdings has just revealed details of their new Bitcoin mining sites in the UAE. This initiative is a joint venture with Zero Two. Together they own and operate the first ever large-scale immersion of Bitcoin mining operations in the Middle East.
According to Marathon’s tweet above, responses to the news have been spectacular. Most are very excited to get started on unlocking big holdings from this initiative. To highlight, many talk about how amazing the UAE has been with adopting blockchain technology.
In particular, one response says that the UAE is a massive untapped market when it comes to Data Centre and Cloud solutions. Others go on to congratulate the nation and are celebrating the news.
In detail, the newly formed Abu Dhabi Global Markets JV Entity will develop and operate two digital asset mining sites with a combined capacity of 250 megawatts, one located in the sustainability hub of Abu Dhabi, Masdar City, and the other in the port zone of Mina Zayed.
To power the sites, Marathon and Zero Two plan to leverage excess energy in Abu Dhabi, increasing the base load and sustainability of the Abu Dhabi grid. The mining equipment and infrastructure required to build each site has already been ordered, and construction of both digital asset mining sites is currently underway.
Marathon and Zero Two will offset any non-sustainably produced electricity with clean energy certificates. During the 2023 development period, capital contributions, in proportion to the equity interest in the ADGM entity, are anticipated to total approximately $406 million in aggregate. T
hese contributions will consist of both cash and in-kind amounts, such as equipment and infrastructure. The digital assets mined by the ADGM Entity will be distributed twice per month and in accordance with the equity ownership between Zero Two and Marathon.
The initial results of the pilot project, which include a significant reduction in the amount of maintenance required for the ASIC miners to effectively produce hash rate, indicate that operating immersion digital asset mining sites in Abu Dhabi is now feasible with the implementation of Marathon’s and Zero Two’s technological advancements.
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.