BITCOIN

A project to build two large-scale facilities for cryptocurrency mining is underway in the United Arab Emirates (UAE). The high-tech data centers will rely on a full immersion solution to cool the power-hungry miners as the desert climate renders air-cooled mining infeasible, participants said. Advanced Crypto Mining Facilities in Abu Dhabi to Defy Cooling Challenges in Arab Peninsula Marathon Digital Holdings, a leading U.S.-based crypto mining company, and emerging blockchain infrastructure developer Zero Two, are working to launch what they say will be the Middle East’s first immersion bitcoin mining operations. The partners have formed a joint venture, Abu Dhabi Global Markets (ADGM), to develop and run two new sites for digital asset mining with a combined capacity of 250 megawatts (MW), Marathon announced in a press release providing information about the project. The larger, 200 MW facility will be constructed in Masdar City, the sustainability hub of Abu Dhabi, the capital

Securities and Exchange Commission (SEC) Chairman Gary Gensler has warned that the U.S. Treasury defaulting on its debt obligations “would have very significant, hard to predict, and likely lasting effects on investors, issuers, and markets alike.” Gensler stressed: “We’ve already seen an effect in the pricing and liquidity of short-dated Treasury bills and continue to monitor for any additional tremors.” SEC Chair Gary Gensler on U.S. Debt Default The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has weighed in on the impact a U.S. default would have on capital markets as discussions of the U.S. defaulting on its debt obligations heat up in Congress. “I’d like to say a few words regarding the ongoing discussions in Washington around the debt ceiling,” the SEC chairman said in his remarks before the International Swaps and Derivatives Association annual meeting Wednesday. Gensler cautioned: If the U.S. Treasury as an issuer were actually to default,