Marathon forms JV with Abu Dhabi-backed Zero Two to create Middle East's first large-scale immersion bitcoin mining operation

05/09 20:51

Marathon Digital has partnered with Zero Two, backed by Abu Dhabi's sovereign wealth fund, to create the Middle East's first large-scale immersion bitcoin mining operation. The joint venture, named Abu Dhabi Global Markets JV Entity (ADGM), will develop two mining sites with a combined capacity of 250 MW of mining power. The sites will be powered by excess energy in Abu Dhabi, increasing the base load and sustainability of the Middle Eastern capital's power grid. The necessary mining equipment and infrastructure for each site has already been ordered and construction is currently underway. Zero Two will own 80% of ADGM and Marathon 20%, with an initial capital contribution of about $406 million to be split between the two along those proportions.

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