Oman’s Green Data City Signs Massive $300mn Crypto-Mining Farm Deal With Abu Dhabi’s Phoneix Group
Muscat’s Green Data City and Abu Dhabi’s Phoenix Group (Abu Dhabi) have signed a new agreement to build a $300 million crypto-mining farm.
The deal, announced during a ceremony at the Ministry of Transport, Communication and IT on August 14, 2023, was signed in the presence of Saeed Al Maawali, Minister of Transport, Communication and IT, and Hisham Malak, Chairman of the Abu Dhabi Stock Exchange and Board Member of Phoenix Group.
Crypto-mining venture blooms in Oman
The new agreement paves the way for the establishment of a large 150MW crypto-mining farm within Green Data City in Oman.
This facility is expected to begin operations by the second quarter of 2024, and is expected to become a regional leader in the crypto-mining sector.
Phoenix Group, known for its global prominence in crypto-mining infrastructure, is set to lead this project. In addition, the company holds exclusive distributorship rights for MicroBT, a leading name in mining equipment.
Oman has been handpicked as the host country for this venture due to several reasons.
Firstly, the long-term security guaranteed by Green Data City’s mining license played a pivotal role.
In addition, a shared vision to strengthen crypto-mining and AI applications with the Ministry of Transport, Communication and IT proved pivotal.
Additionally, Oman’s climate, particularly in the Dhofar region, significantly reduces cooling energy consumption, rendering it a highly sustainable destination for mining activities.
Environmental and social responsibility are paramount in the mission statement of this ambitious project.
The $300 million farm will be constructed using modular units to minimise land impact. Solar shades will be used, and local technicians will be employed to ensure sustainability and community engagement.
Moreover, the initiative also calls for universities in Oman to collaborate with the project to offer students and graduates insights into mining operations.
Green Data City has already completed the proof-of-concept phase, with four mining companies, including both local and international entities, using cutting-edge immersion cooling systems to conserve water resources.
