Cryptocurrency mining company Marathon Digital has announced a partnership with Zero Two to create a large-scale mining facility in Abu Dhabi.
According to the statement of the newly formed association Abu Dhabi Global Markets (ADGM), it will start the construction of two buildings for the installation of equipment with a total capacity of 250 MW. A larger area of 200 MW will be located in the Masdar City Ecological Zone and the remaining 50 MW facilities will be located in the Mina Zayed Port area. The share in ADGM is split 80% for Zero Two and 20% for Marathon.
Total investment in the project is expected to reach $2023 million in 406. The mined digital assets will be distributed twice a month according to the shares of individual companies. Previously, Marathon and Zero Two launched a pilot program to verify the effectiveness of mining in Abu Dhabi, where “the desert climate made it impossible to mine air-cooled cryptocurrencies”.
“To overcome these environmental issues, we developed a special submersible cooling solution ASIC miners and implemented their own software equipment to optimize their performance,” Marathon representatives said. According to the companies' calculations, the new mining areas will be completed by the end of 2023 and their total hashing power will reach 7 EH/s. Recall that Marathon reported a net loss of $2022 million for 686,7 and a total profit of 4144 BTC. In the first quarter of 2023, the company mined 2195 BTC – 41% more than in the previous period.
