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Marathon Forms Abu Dhabi Bitcoin Mining JV; Initial Project of 250MW

Crypto miner Marathon Digital is forming a joint venture with FS Innovation in Abu Dhabi to create and operate mining facilities.  

The company said in a filing the initial project will consist of two digital asset mining sites comprising 250 MW. The new entity will be 80% owned by FSI and 20% owned by Marathon, and will cost an initial $406 million.

Marathon hasn't previously owned the facilities where it operates, instead contracting with hosting providers. The mining industry has been struggling with high energy costs and the slumping price of bitcoin from a 2021 high. Many are highly 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 U.S., according to Globalpetrolprices.com.

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