Marathon Digital to Build Mining Farms in Abu Dhabi

Marathon Digital объявила о партнерстве с фирмой Zero Two для создания крупномасштабной майнинговой площадки в Абу-Даби. 

According to the statement, the new joint venture Abu Dhabi Global Markets (ADGM) will begin construction of two facilities for housing equipment with a total capacity of 250 MW.

The larger site, 200 MW, will be located in the we eco-district Masdar City, while the remaining 50 MW units will be placed in the emirate’s Mina Zayed port zone.

The stake in ADGM is allocated 80% to Zero Two and 20% to Marathon. It is expected that in 2023 total investment in the project will reach $406 million.

The mined digital assets will be distributed twice a month in accordance with each company’s share.

Earlier Marathon and Zero Two launched a pilot programme to test mining efficiency in Abu Dhabi, where “the desert climate made cryptocurrency mining with air cooling potentially impossible”.

“To overcome these environmental problems, we developed a specialized immersion cooling solution for ASIC miners and implemented proprietary software to optimize their performance,” said Marathon representatives.

Based on the companies’ calculations, the new mining sites will be built by the end of 2023, and their total hash rate will reach 7 EH/s.

In 2022 Marathon reported a net loss of $686.7 million, having mined 4144 BTC. In Q1 2023 the company mined 2195 BTC — 41% higher than in the previous period.