press release

PRESS RELEASE. Reef is thrilled to announce the launch of a $10 Million Accelerator Program for Web3 projects building on the Reef Chain, which are based out of the Middle East. The program, managed by Reef Labs, aims to support, incubate, and invest in promising Middle East-based Web3 developers, teams, and projects building on the Reef Chain.

The rise of blockchain/Web3 applications in the Middle East are setting the stage for remarkable technological progress and innovation. Reef has already made a significant impact in the region by securing the Best Ecosystem Award at The Middle-East Blockchain Awards.

Driving Growth in the MENA Region:

The Accelerator Program seeks to drive Reef’s vision for growth, making it the de-facto blockchain in the MENA (Middle East and North Africa) region. Ideas selected as part of this initiative will benefit from the financial support provided by Reef’s venture partners, along with mentorship, marketing, and business development assistance from Reef Labs. Additionally, these ecosystem projects can leverage Reef’s global community to promote their ideas and achievements to other Web3 developers and blockchain enthusiasts.

Positioning Reef for Web3 Adoption:

The present geo-political landscape in the MENA region fosters the growth of region-specific blockchain networks, which are set to play a significant role in promoting Web3 adoption. Reef is ideally positioned to deliver enterprise-grade solutions with high scalability, cost-effective transactions, extensible EVM, and on-chain upgradability features, thus stimulating inventive models to harness blockchain technology. Additionally, the remarkably low entry barrier for dApp developers has made Reef one of the most developer-friendly ecosystems to build upon.

Denko Mancheski, CEO of Reef, said about this new initiative, “We’re launching the Reef Accelerator Program with the aim of welcoming the brightest minds in the Web3.0 industry. The Reef team has been working with Web3 developers in the Middle East region for some time now, and is extremely excited by the talent and innovation we witness. Through our recently conceptualized Reef Labs initiative, we will choose the best Middle Eastern projects, empower them to realize their full potential and integrate them into the current Reef ecosystem of NFT, DeFi, Metaverse, and GameFi projects. It will also enable us to drive the growth of the Web3 industry in the Middle East and emerge as this region’s de-facto blockchain”.

The Reef Accelerator Program is poised to solidify Reef Chain’s position as the most developer-friendly blockchain solution for web2 businesses transitioning into the web3 space in the MENA region, ultimately propelling the upcoming wave of innovation and Web3 adoption.

This program amount of $10 million will be part of the $20 million developer support fund that Reef had announced earlier.

Apply for the Reef Accelerator Program here: https://reef-labs.typeform.com/reefaclprogram

About Reef

Reef is an EVM-first blockchain designed to make Web3 accessible for the next billion users. Reef offers high scalability, and affordable transactions, and utilizes Nominated Proof of Stake, extensible EVM, and on-chain upgradability. Reef is the future blockchain for NFTs, DeFi, and gaming. It can easily accommodate the needs of the future of Web3 development. Reef is an ideal blend of old and new, a trait that makes it eternal and timeless.

Stay tuned to our socials, and never miss any update from Reef!

Website: https://reef.io

Twitter: https://twitter.com/Reef_Chain

Discord: https://discord.gg/reefchain

Telegram: https://t.me/reefchain

Instagram: https://www.instagram.com/reef.io

Reddit: https://www.reddit.com/r/ReefDeFi/

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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 city of UAE. The other, 50MW crypto farm will be located in the port zone of Mina Zayed, the announcement detailed.

The sites will be powered with excess energy, thus increasing the base load and sustainability of Abu Dhabi’s power grid. The two companies emphasized their intention is to also offset any non-sustainably produced electricity used with clean energy certificates.

Construction of the crypto mining farms is already underway and the mining equipment has been ordered. Both sites, which will have a combined hashrate of approximately 7 EH/s, are expected to come online as early as this year.

Before starting the realization of the project, Marathon Digital and Zero Two launched a pilot program to establish the efficacy of a large crypto mining operation in Abu Dhabi, where the hot desert climate renders air-cooled mining infeasible.

The initial results of the pilot indicate that operating mining sites in the UAE is now feasible thanks to an immersion solution to cool the ASIC miners, custom-built by the two companies, and implementing proprietary software to optimize their performance.

The equity ownership in the ADGM joint venture will be 80% for Zero Two and 20% for Marathon, with capital contributions in 2023 expected to total around $406 million. The details about the mining project come after analysts recently predicted that increased regulatory pressures, energy costs, and taxes in current mining hotspots may result in a new migration of crypto miners to more favorable jurisdictions.

Do you expect to see a growing number of crypto mining facilities in the Middle East? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.