The Marathon and Zero Two venture would be the first such operation in the Middle East.

Marathon Digital Holdings (NASDAQ: MARA) and Zero Two have formed a joint venture to establish the first large-scale immersion bitcoin mining operations in the Middle East. The new entity, Abu Dhabi Global Markets JV, will initially build two digital asset mining sites with a combined capacity of 250 MW, with the larger 200 MW site located in Abu Dhabi’s sustainability hub of Masdar City, and the 50 MW site located in the port zone of Mina Zayed.

The companies plan to power the mining sites by utilizing the surplus energy available in Abu Dhabi, which will enhance the grid’s sustainability and increase the base load. Additionally, they aim to counterbalance any non-environmentally friendly electricity produced through clean energy certificates.

Zero Two will hold an 80% equity stake in the ADGM Entity, and Marathon will hold a 20% stake. The digital assets mined by the ADGM Entity will be distributed twice per month and in accordance with the equity ownership between Zero Two and Marathon, respectively.

Construction of both digital asset mining sites is currently underway, with the sites expected to come online before the end of 2023, with a combined hash rate of approximately 7 EH/s.

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Photo by Harrison Kugler on Unsplash