According to a statement from Marathon Digital, there will initially be two bitcoin mining facilities, with a total capacity of 250 MW.
The larger 200 MW site will be in Masdar City, a zero-carbon “eco-city” being developed in Abu Dhabi.
Another 50 MW facility will be located in the port area of Mina Zayed. Both mining farms will use surplus energy from Abu Dhabi’s power grid, which will increase its sustainability, Marathon Digital says.
The combined hash rate of both sites is expected to be 7 hashes per second (EH/s) by 2024.
The stake in the so-called Abu Dhabi Global Markets JV Entity (ADGM Entity) will be 80% for Zero Two and 20% for Marathon Digital.
Bitcoin and other digital assets mined by ADGM will be distributed between Zero Two and Marathon twice a month, according to the companies’ shares.
Fred Thiel, chairman and CEO of Marathon Digital, said mining cryptocurrencies using air cooling in the hot climate of Abu Dhabi was almost unfeasible.
Therefore, Marathon and Zero Two developed a special solution with liquid cooling for ASIC miners and implemented their own software to improve their performance.
Note that Marathon Digital recently set a record for bitcoin mining, increasing its coin production by 41% over the previous quarter, to 2,195 BTC.
For the entire last year, the company managed to mine 4,144 BTC.