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Bitcoin miner Marathon Digital (MARA) has formed a joint venture (JV) with Zero Two to create the Middle East’s first large-scale immersive Bitcoin mining operation, backed by the Abu Dhabi Sovereign Wealth Fund.
The Middle East Partnership, like the United States, the white house is running For a proposed tax that encourages crypto miners in the country to pay an amount equivalent to 30% of their energy costs.
The new project, called the Abu Dhabi Global Market Joint Venture (ADGM), will initially develop two mines with a combined capacity of 250 megawatts (MW), according to a press release. The stations will be powered by excess energy from Abu Dhabi, adding to the baseload and sustainability of the Middle Eastern capital’s grid, the statement continued. The mining equipment and infrastructure required for each site has been ordered and is currently under construction.
Zero Two will own 80% of ADGM and 20% of Marathon, with an initial capital contribution of approximately US$406 million to be split between the two in these proportions.
Digital asset miners mainly use air cooling technology to cool down their mining computers. However, in high-temperature and high-humidity environments, using liquid immersion cooling instead of air cooling offers significant advantages to miners with thin margins.
The press release notes that Abu Dhabi’s desert climate makes air-cooled digital asset mining unfeasible, while the immersion cooling pilot program launched by Marathon and Zero Two showed that ASIC miners required significantly less maintenance to efficiently produce hashrate.
“Our partnership with Zero Two is a pivotal moment for Marathon,” said CEO Fred Thiel. “We look forward to working together to build the next generation of Bitcoin mining facilities in Abu Dhabi.”
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