Marathon Digital and Zero Two Partner for Abu Dhabi Bitcoin-Mining Facility

Marathon Digital Holdings and Zero Two have announced a partnership to create a large-scale immersion Bitcoin-mining facility in Abu Dhabi. The joint venture, called the Abu Dhabi Global Markets JV Entity, will be based in Mina Zayed and Masdar City in the United Arab Emirates, and will comprise two mining sites with a combined 250-megawatt capacity. Marathon and Zero Two plan to power the facilities with excess energy from Abu Dhabi’s grid, claiming it will increase its base load and sustainability.

According to Marathon Digital, crypto mining in the desert climate of Abu Dhabi, where the average annual temperature is roughly 28 degrees Celsius (82 degree Fahrenheit), was often “infeasible.” However, the company said it had helped develop a “custom-built immersion solution” to cool mining rigs at the proposed facilities, suggesting a liquid-cooling solution.

The two firms expect both Abu Dhabi facilities to be online by 2024 and produce a combined hash rate of roughly 7 EH/s. Ownership of the project will be split between Zero Two and Marathon Digital, with the two companies controlling 80% and 20%, respectively.

The move comes as executives from United States-based crypto exchange Coinbase visited the UAE to test the potential of the region as a “strategic hub” for its international operations. Coinbase CEO Brian Armstrong met with policymakers and spoke at the Dubai FinTech Summit.

The joint venture between Marathon Digital and Zero Two aims to take advantage of Abu Dhabi’s excess energy to power the mining facilities, with a view to increasing sustainability and base load. The use of liquid cooling solutions will help to overcome the challenges of the desert climate, where high temperatures make traditional air cooling methods infeasible.

Marathon Digital’s experience in developing a custom-built immersion solution for cooling mining rigs will be key to the success of the project. The two firms plan to have both facilities up and running by 2024, with a combined hash rate of roughly 7 EH/s.

Meanwhile, Coinbase is exploring the potential of the UAE as a strategic hub for its international operations. The visit by the company’s executives, including CEO Brian Armstrong, highlights the growing interest in the region as a destination for crypto-related businesses.

Overall, the partnership between Marathon Digital and Zero Two represents a significant step forward in the development of the crypto mining industry in Abu Dhabi, as the two companies look to capitalize on the region’s excess energy and overcome the challenges of the desert climate. With the backing of both firms, the joint venture is well-positioned to succeed and could pave the way for further expansion in the Middle East.

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FTX to Sell Remaining Interest in Sequoia Capital to Abu Dhabi Sovereign Wealth Fund

According to the papers filed with the court, Alameda Research, the investment division of FTX, has reached an agreement to sell the company’s remaining stake in Sequoia Capital to Al Nawwar Investments Company Ltd, which is controlled by the government of Abu Dhabi. The transaction is valued at $45 million, and its completion is anticipated by the 31st of March, provided that the Delaware bankruptcy judge John Dorsey gives his consent. FTX made the decision to enter into the agreement with Purchaser because Purchaser had a more attractive offer and was capable of carrying out the selling transaction in a shorter amount of time.

The remaining stake that FTX has in Sequoia Capital has been put up for sale as part of the company’s ongoing attempts to sell its investments and satisfy its financial obligations to its creditors. Previously, Dorsey gave his blessing for the firm to sell certain assets, such as LedgerX, Embed, FTX Japan, and FTX Europe. This allowed the company to go through with the sale.

After being sued by Alameda Research for unpaid loan repayments, Voyager Digital has decided to put aside $445 million in response to the lawsuit. Dorsey has given his blessing to the move, and as a result, the firm will have to put the money away in order to pay off its debt.

The recent developments in the bankruptcy case involving FTX bring to light the persistent difficulties that cryptocurrency exchanges must overcome and the need of preserving their financial stability. Since the cryptocurrency sector is expected to continue expanding in the next years, it is essential that businesses place a high priority on openness and accountability in order to safeguard the interests of creditors and investors. The decision by Voyager Digital to put aside $445 million and the sale of the remaining shareholding held by FTX in Sequoia Capital both reflect a commitment to financial discipline and might assist to recover trust in the sector.

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Abu Dhabi Women Set to Receive Free Crypto Domains to Expand Their Web3 Knowledge

To give women residing in Abu Dhabi the opportunity to expand their knowledge base and ultimately explore the Web3 world, Abu Dhabi Investment Office (ADIO) and Access Abu Dhabi have teamed up with NFT domain name provider Unstoppable Domains. 

Women of Web3, a powerhouse group of disruptive female US tech entrepreneurs, made the revelation during a visit to Abu Dhabi.

 

Therefore, women residing in the United Arab Emirates (UAE) capital will have the chance to explore the Web3 space through free crypto domains. Moreover, the initiative aims to bridge the gender gap because approximately 5% to 7% of all crypto users are women. 

 

Abdulla Abdul Aziz Al Shamsi, the acting director general of ADIO, welcomed the move and said:

“Abu Dhabi is ensuring the future of Web3 is built around a powerful infrastructure that appeals to all members of the community. By supporting initiatives that invite and uplift women, we can champion diversity early in the Web3 era.”

By enhancing women’s knowledge base, Al Shamsi believes “the partnership with Unstoppable Domains to provide free crypto domains to all women in Abu Dhabi embodies the emirate’s promise of inclusion, while creating opportunities for private sector participation in a fast-growing space.”

 

As the UAE gears to become a blockchain/crypto hub, Abu Dhabi intends to have a piece of the cake by propelling Web3 opportunities. 

 

Sandy Carter, the SVP of Unstoppable Domains and Founder of Unstoppable Women of Web3, noted:

“It’s great to see Abu Dhabi leading the mission to bring Web3 opportunities to women in the Middle East. It has been an honour to be a part of the ‘Women of Web3’ delegation.”

She added:

“Providing free crypto, NFT and blockchain domains to all women in Abu Dhabi is a power move that ensures women will be included in increasing numbers within the fabric of the Web3 movement for generations to come.”

Raj Chowdhury, the CEO of blockchain development company HashCash Consultants, had previously acknowledged that a paradigm shift was being witnessed in the Middle East, especially the UAE, as the region’s interests were changing from oil to crypto and metaverse, among other blockchain innovations. Drafting women along this path of innovation is a step in the right direction

Image source: Shutterstock

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Blockchain World & NFT’s in Abu Dhabi

A Stage Set For Inspiration

The world can often feel upside down these days. What if we were able to make a blockchain bubble that felt just right for a bit? When I met with the founding team of Blockchain World in Dubai last time I was over there, I fell in love with their vision for Blockchain World. It was about setting up a TED talk environment for the main stage, bringing in passionate blockchain educators, as well as making it a worthy show via NFTs & more.

Abu Dhabi is now playing catch up to Dubai, after having observed how the city has faired with it. This means that among the 20K expected attendees, there will be serious players, and the NFT exhibits will be very interesting as well.

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The Digital Fire(side)

The Helicon studio concept is also intriguing, on how to make presenting NFTs, panels and firesides much more casual. The stage presentations will shift from various useful ideas, interesting panel discussions to personal stories on how blockchain has changed the lives of many people.

NFT Cars

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I’ll be attending with the NFT cars previously seen at the WOW Summit at the Atlantis, as well as present a new motion NFT. They are the future of limited edition luxury art cars. 55 Art Cars Auctioned and sold as and with NFTs, with Dr Marwan Al Zarouni, the CEO of Dubai Blockchain Center.

Outside the car VR assets, we are going to present a new expansion to the project on the main stage as well.

Artcar.io

We are also constructing, together with the Blockchain World team, a souped up version of my physical studio in Helsinki for the stage.

Brittany Kaiser is also one of the speakers, and will do a joint session with me on the Helicon studio regarding what we just recorded in Helsinki together. This is the first publication by my very talented photographer friend Ilkka Mattila. This was a separate satellite shoot among the whole as a visualised Own Your Data session.

Brittany visited Finland Nobember 2021. I had a possibility to meet her and be a part of photography showing how addicted and naked we are in front of global data giants such as Meta etc. Brittany’s hard work for our rights on our data was to be described as well. In front of data giants we are literally naked – there is nothing we can hide. And there are data flows guiding us on our daily routines whether we liked it or not.” – Ilkka Mattila

Talented Artists & Entrepreneurs

Among the other NFT artists, the talented Kristel Bechara(@atelier_kristel)

We will also get some updates from me and Mr. Hrish from Superworld regarding our Luxor NFT / VR temple build

A sneak preview of the Luxor temple NFT gallery.

Krypto Granny and Papa Blockchain will make a combo presentation on the main stage, so don’t miss out on some powerful based crypto education.

It was also a real pleasure to chat art, NFTs, artcars and more with the Crypto Sheiks in their cosy home studio. The guys will also be present at the Blockchain World conf.

Listen to the ep here

I, for one, can’t wait to see the Abu Dhabi Louvre, the grand mosque, and more.

Blockchain World will be held in ADNEC, Abu Dhabi on 15-17 December 2021, incorporating the informative DCS Summit, the world’s first – Helicon Studio, an immersive Blockchain and NFT show and activations that will talk about the ‘Future Vision’ of digital technology with a live studio audience and exclusive celebrity guests.

Oh… and here is the new signature and logo that will go on prints as well as conference branding 🙌

See you at Blockchain World.

V E S A

Crypto & NFT Artist
All links to physical, NFTs, and more below

http://linktr.ee/ArtByVesa

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