BlocksInform
In order to establish the first large-scale immersion bitcoin mining facility in the Middle East, Abu Dhabi’s sovereign wealth fund and bitcoin miner Marathon Digital (MARA) have set up a joint venture (JV).
The Middle Eastern alliance takes place as the White House in the United States promotes a proposed tax that would require crypto miners there to pay a sum equal to 30% of their energy expenditures.
The establishment of two mining sites with a total mining power capacity of 250 megawatts (MW) will mark the start of a new project called Abu Dhabi Global Markets JV Entity (ADGM), as stated in a press release. The installations would be powered by extra energy generated in Abu Dhabi, boosting the grid’s base load and sustainability. Each site’s infrastructure and mining equipment has already been ordered, and the building is presently underway.
The initial capital investment of around $406 million will be divided between the two along these proportions, with Zero Two owning 80% of ADGM and Marathon owning 20%.
Digital asset miners primarily use the air cooling technique to keep their mining computers cool. However, for miners with extremely slim profit margins, cooling mining equipment with liquid immersion rather than air cooling offers considerable advantages in high heat and humidity settings.
It further stated that air-cooled digital asset mining is impractical in Abu Dhabi’s desert environment and that a trial immersion cooling program run by Marathon and Zero Two significantly reduced the amount of maintenance required for ASIC miners to efficiently produce hash rate.
According to Marathon CEO Fred Thiel, the collaboration with Zero Two is a significant milestone for the company. He stated that they are excited to work in partnership with Zero Two to establish advanced Bitcoin mining facilities in Abu Dhabi.
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