Marathon and Zero Two Join Forces to Create Middle East Largest Sustainable Bitcoin Mining Operation in Abu Dhabi
Market Musing-g

Marathon and Zero Two Join Forces to Create Middle East Largest Sustainable Bitcoin Mining Operation in Abu Dhabi

2m
1yr ago

Marathon Digital, a bitcoin mining company, has teamed up with Zero Two, which is supported...

Marathon and Zero Two Join Forces to Create Middle East Largest Sustainable Bitcoin Mining Operation in Abu Dhabi
Marathon Digital, a bitcoin mining company, has teamed up with Zero Two, which is supported by Abu Dhabi’s sovereign wealth fund, to build the Middle East’s first large-scale immersion Bitcoin mining operation.
Meanwhile, in the U.S., the White House has proposed a tax on crypto miners that would require them to pay 30% of their energy costs.
The new venture, called Abu Dhabi Global Markets JV Entity (ADGM), will establish two mining sites with a total capacity of 250 megawatts of mining power. The new entity has been established by Marathon and Zero Two to operate the two crypto-mining sites.
Construction has already begun, and Zero Two will own 80% of ADGM, with Marathon owning 20% and an initial capital contribution of approximately $406 million to be divided according to these percentages.

The mining operation will use excess energy from Abu Dhabi to power the sites and will purchase clean energy certificates to offset any non-sustainable energy use.

The companies tested a pilot program to explore immersion mining’s feasibility in hot climates, and they were able to develop an immersion solution that worked. They have already ordered the necessary equipment and infrastructure for the mining sites.

It is worth noting that the first site is set to be situated in Masdar City and will provide energy up to 200 MW, while the second site will be located in Mina Zayed and offer energy up to 50 MW. The two sites are expected to be operational by the end of 2023, with a total hashrate of 7 EH/s.
Marathon is one of the most prominent crypto-mining firms in the United States, with 702 BTC mined in April and a total of 122,900 devices in operation. Zero Two is a blockchain infrastructure development firm located in Abu Dhabi, registered as FS Innovation.
0 people liked this article

Related Articles

Market Musing-g
Shido - Infinitely Scalable Layer 1
Shido - Infinitely Scalable Layer 1
1yr ago
1m
Announcements
SelfKey’s Updated Homepage: The Importance of Privacy and Security in the Digital World!
Staying up to date with digital privacy and security is crucial nowadays! SelfKey aims to provide vital information, and it has updated its homepage for users to find it more accesible!
1yr ago
1m
Market Musing-g
Binance Launches ‘Capital Connect’ Platform
Crypto exchange Binance debuts ‘Capital Connect,’ a new platform that links institutional investors with crypto fund managers. The world’s leading cryptocurrency exchange Binance...
1yr ago
3m
Market Musing-g
Travala.com Accepts Bitgert (BRISE) As Payment Option
Bitgert (BRISE) incorporates with international travel agency Travala.com. Will it provide a range of offers to BRISE users?
1yr ago
1m
Market Musing-g
Solana Introduces Saga Phone, Loaded with Cutting-Edge Features, to Disrupt the Billion-Dollar De...
Solana’s flagship Android phone, Saga, is now available to the public in select countries Saga offers a premium mobile experience with features such as web3 transactions, NFT minting, and acc...
1yr ago
3m
Market Musing-g
Is Crypto Winter Is Over — Digitoads (TOADS) Raises Over $2.8M in Presale, Bitcoin (BTC) Could Hi...
Today we will explore the resurgence of the crypto market, highlighting DigiToads (TOADS)impressive fundraising feat and analyzing factors that could propel Bitcoin (BTC) to reach $100,000 by 2025....
1yr ago
4m