Marathon Digital Holdings has teamed up with Zero Two, a digital assets infrastructure firm, to establish a massive immersion Bitcoin-mining plant in Abu Dhabi, according to the latest news.
Marathon Digital Holdings has revealed that they are partnering with Zero Two to establish two large-scale Bitcoin-mining locations in Abu Dhabi. The facilities, located in Mina Zayed and Masdar City, will have a total capacity of 250-megawatt and will be powered by surplus energy from Abu Dhabi’s grid. This move is expected to enhance the sustainability and increase the base load of the facilities, as stated by Marathon Digital.
Marathon Digital explained that due to the hot desert climate of Abu Dhabi, it was previously difficult to engage in crypto mining. However, the company has now developed a specially designed immersion system to cool the mining rigs at the two planned facilities, which involves using a liquid-cooling solution.
According to Marathon Digital CEO Fred Thiel, the project involved collaborative efforts to create a complete immersion solution, alongside the development of customized mining software that prioritizes flexibility, resilience, and optimization.
Zero Two and Marathon Digital Holdings will jointly own the project, which will be named Abu Dhabi Global Markets JV Entity, with 80% and 20% ownership, respectively. The companies anticipate both mining sites in Abu Dhabi will go live in 2024 and generate a combined hash rate of about 7 EH/s.
Coinbase executives recently visited the United Arab Emirates to explore the potential of the region as a strategic hub for its international operations. During the trip, Coinbase CEO Brian Armstrong spoke at the Dubai FinTech Summit and met with policymakers. The announcement about the planned mining operation in Abu Dhabi was made during their visit.