Abu Dhabi establishes large-scale Bitcoin mining area

Abu Dhabi establishes large-scale Bitcoin mining area

Abu Dhabi is having an area dedicated to bitcoin mining on a massive scale, developed by Marathon Digital and Zero Two.

Abu Dhabithe capital of the United Arab Emirates, will host the first large-scale bitcoin mining operations in the Middle East with a complex developed by a joint venture between Marathon Digital Holdings and Zero Two.

Dubbed Abu Dhabi Global Markets JV Entity, the joint venture will develop and operate two bitcoin mining sites with a combined capacity of 250 megawatts, according to Globenewswire.

A 200 megawatt site will be located at the development center of the City of Masdar and a 50 megawatt mining facility will be located in the Mina Zayed port area.

Marathon and Zero Two say they intend to utilize excess energy in Abu Dhabi to mine bitcoin and will offset any unsustainable electricity production with clean energy certificates.

Zero Two will have 80% of the joint venture and Marathon will hold the rest. Capital contribution in the development period in 2023 is expected to reach USD 406 million. Mined bitcoins will be distributed twice in a month by % ownership.

Previously the hot desert climate made bitcoin mining unfeasible, but now companies have developed technology to cool the miners.

“For this project, we co-developed and successfully implemented a comprehensive solution, as well as developed proprietary mining software from the outset to deliver flexibility, resiliency and optimization,” said Fred Thiel, President and CEO of Marathon.

See also: 32% of home offices invest in crypto and digital assets

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