Marathon Digital has partnered with firm Zero Two to launch Abu Dhabi Global Markets (ADGM), a joint venture to construct two large-scale mining sites with a combined capacity of 250 MW.
Zero Two will own 80% of the venture and Marathon will own 20%, with an estimated total investment of $406 million.
The two facilities will be located in Masdar City and Mina Zayed, and the digital assets mined will be split between the companies twice a month.
The two companies had previously tested the effectiveness of mining in Abu Dhabi with a pilot program which employed a custom immersion cooling solution and proprietary software.
By the end of 2023, the combined hash rate of the sites is expected to reach 7 EH/s. In the first quarter of 2023, Marathon mined 2,195 BTC, a 41% increase from the previous period.
