Marathon Digital Holdings has announced that it has formed a joint venture with FS Innovation to build and operate mining facilities in Abu Dhabi.
In the remainder of the statement, the company said that the first project will consist of two digital asset mining sites.
Two Companies Jointly Launch Mining Facility in Abu Dhabi
Crypto miner Marathon Digital has announced that it will form a joint venture with FS Innovation in Abu Dhabi to create and operate mining facilities.
The company said in a statement that the first project will consist of two 250 MW digital asset mining sites. The new entity will be 80 percent owned by FSI and 20 percent by Marathon and will initially cost $406 million.
Marathon does not own the facilities in which it previously operated, instead the company contracts with hosting providers. The mining industry is struggling with high energy costs and the price of Bitcoin falling from its 2021 peak. Many of these firms are heavily indebted and some have filed for bankruptcy.
Electricity costs about $0.081 per kilowatt hour for households in the United Arab Emirates, compared to $0.175 in the US.
