Abu Dhabi Crypto Rush: Marathon Digital Mining Opens
The two facilities will generate a total hash rate of about 7 EH/s and will be operational by 2024 and according to the expectation of the mining company. Abu Dhabi Crypto Rush will surely impact the crypto industry.
According to the announcement, the two companies digital assets infrastructure firm Zero Two, and cryptocurrency mining startup Marathon Digital Holdings collaborate. The partnership aims to produce a huge-scale immersion Bitcoin-mining facility in Abu Dhabi.
Keys Takeaways:
- The two companies collaborate to produce a huge-scale immersion Bitcoin mining facility in Abu Dhabi.
- The joint company offices are in Mina Ziad and Masdar City in the United Arab Emirates.
- The total power capacity in both sites, Zero Two and Marathon Digital is 250 MW.
- Creating an immersion solution provides optimization, adaptability, and flexibility for the project.
- The Marathon Digital, and Zero Two ownership split by 20% and 80%.
The joint company will have offices in Mina Zayed and Masdar City in the United Arab Emirates, according to a 9 May announcement from Marathon Digital.
Abu Dhabi Crypto Rush
These two mining sites involve a capacity of 250 MW. To provide power with additional energy from the grid of Abu Dhabi to the facilities, ZeroTwo plan and Marathon asserted to enhance sustainability and base load.
Marathon Digital said cryptocurrency mining was frequently impractical in Abu Dhabi’s desert environment. The company suggested a liquid-cooling system to cool mining equipment at the proposed facility. It also claimed to have assisted in developing a specially designed immersion solution.
CEO Fred Theil and Maraton Digital stated that our staff executed and created a complete immersion solution to offer optimization, adaptability, and flexibility for this project. Additionally, for scratch, our team is creating unique mining software.
The company, Abu Dhabi Global Market JV, owned the project. The ownership is divided between Marathon Digital and Zero Two, each holding 20% and 80%, respectively.
The report of the forthcoming mining operation reveals the visit of the US-based cryptocurrency exchange Coinbase executive to UAE. This tour assesses the region’s potential as a significant center for its worldwide operations.
Crypto Community Reaction to Abu Dhabi Crypto Rush
Breaking Whale took to Twitter and announced that owing to Marathon Digital and Zero Two, Bitcoin mining will discover a cool Oasis in the hot Abu Dhabi desert.
Wen3 took to Twitter and announced that according to the mining company’s expectations, two facilities will be online by 2024 and generate a combined hash rate of 7 EH/s
GetPhyco.Club took to Twitter and announced the launch of the crypto mining operation in Abu Dabi using immersion technology.
Do You Know?
- Marathon Digital recently announced its plans to launch immersive crypto-mining operations in Abu Dhabi.
- The company is partnering with a local technology company and the Abu Dhabi Investment Office to provide the infrastructure and resources necessary to operate a state-of-the-art mining operation.
- This new operation is expected to provide a significant boost to the Abu Dhabi economy, as well as offer significant cost savings and improved efficiencies to Marathon Digital’s customers.
- The operation will use advanced technology and renewable energy to power the mining operations, making it more environmentally friendly and sustainable.
- This move by Marathon Digital is part of a larger initiative being taken by the UAE to become a leader in blockchain technology and digital asset management.
Crux:
Based on the mining company’s expectations, Marathon Digital and ZeroTwo will generate a total hash rate of about 7 EH/S. Both companies collaborated by the 20% and 80% ratio to produce the huge scale immersion Bitcoin mining facility in Abu Dhabi.