Key Points: The initial project would include two 250 MW digital asset mines. With an initial investment of $406 millions, the new firm will be 80% owned by FSI and 20% by Marathon.
Marathon CEO Fred Thiel stated that Marathon has made significant progress in raising its hashrate and shifting to more sustainable sources earlier this month.
Marathon Digital, a cryptocurrency miner has formed a joint venture in Abu Dhabi with FS Innovation to build and operate mining operations. According to a filing, the initial project would include two 250 MW digital asset miners. Marathon Digital, a cryptocurrency miner, has formed a joint venture with FS Innovation in Abu Dhabi. Marathon will own 20% of the new firm and 80% of the initial investment of $406 millions. Marathon has historically contracted with hosting companies to operate its mining operations. The mining business has been struggling with rising energy costs and a fall in bitcoin prices since its peak in 2021. Many are deeply in debt, and several have declared bankruptcy.According to Globalpetrolprices.com, electricity costs roughly $0.081 per kilowatt hour for homes in the United Arab Emirates, compared to $0.175 in the United States.Coincu previously reported on January 6 that after paying off all of its revolver borrowings last month, the company increased Unrestricted Cash to $103.7 Million and Unrestricted Bitcoin Holdings to 7,815 BTC as of December 31.Marathon ended the year with a hash rate of 7 EH/s, but it still anticipates that it will increase to 23 EH/s by the middle of 2023.Marathon CEO Fred Thiel stated earlier this month that the business has made substantial progress in raising its hash rate while simultaneously shifting to more sustainable sources.
We are confident that we can scale Marathon into one the most efficient and largest bitcoin mining operations in the world. We have thousands of miners available to be energized over coming months. By mid-year, we expect to triple our current production capacity to approximately 23 exahashes.
Fred Thiel statedDISCLAIMER. The information on this website is provided for general market commentary only and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: Bitcoin miningBitcoinsdigital marathonDigital mining marathonMarathonMarathon DigitalMarathon Digital Holdings