Marathon Digital (MARA), a Bitcoin miner, has partnered with Zero Two – a company backed by Abu Dhabi’s sovereign wealth fund – to establish the first substantial immersion Bitcoin mining operation in the Middle East.
The White House is pushing for a proposed tax that would require crypto miners in the U.S. to pay 30% of their energy costs, while a Middle Eastern partnership has been established.
A new venture named Abu Dhabi Global Markets JV Entity (ADGM) has been established to develop two mining sites for Bitcoin, with a total capacity of 250 MW. The project will use excess energy available in Abu Dhabi, which will enhance the sustainability and base load of the city’s power grid. Construction of the mining facilities is currently in progress, with the required infrastructure and equipment already ordered. A press release provided these details.
ADGM and Marathon will divide an initial capital contribution of $406 million, with Zero Two having 80% and Marathon having 20%.
Air cooling technology is the primary means of cooling digital asset miners’ computers. However, liquid immersion cooling is a more advantageous option for miners operating in high heat and humidity environments, as it can help them maximize their meager profit margins.
The press release pointed out that the desert environment of Abu Dhabi makes air-cooled digital asset mining impractical, and a pilot program devised by Marathon and Zero Two that utilized immersion cooling demonstrated a considerable decrease in the upkeep necessary for ASIC miners to successfully generate hash rate.
“Our collaboration with Zero Two is a pivotal moment for Marathon,” said CEO Fred Thiel. “We look forward to working together to build the next-generation Bitcoin mining facilities in Abu Dhabi.”
, a Bitcoin miner, has partnered with Zero Two - a company backed by Abu Dhabi's sovereign wealth fund - to establish the first substantial immersion Bitcoin mining operation in the Middle East.){kind=link}