Muscat-based Green Data City, and Abu Dhabi-headquartered Phoenix Group have signed an agreement to establish a new crypto-mining farm in Oman worth $300 million.
The new crypto-mining farm in Oman will be set up in the Green Data City and should be fully operational by the second quarter of the year 2024, at a capacity of 150 Megawatts.
Green Data City has already completed the proof-of-concept phase started in November 2022, with five mining companies on-site, four from Oman and one international operator. The facilities employ the most advanced immersion cooling systems to avoid consuming water.
The mission’s objective emphasizes environmental and social responsibility. Developers of the new crypto-mining farm in Oman will build modular units to reduce the impact on land, install solar shades and employ specialized technicians from the local community.
Green Data City operates the first license for sustainable crypto-mining in Oman since 2022. International mining companies can register and operate in Green Data City under long-term agreements.
The first phase of development is set to deliver 200 megawatts of mining capacity. Meanwhile, the second phase is set for a 400-megawatt hyper-scale data center capacity with natural cooling, renewable energy and downstream applications.
Real estate and hospitality investments will join the development of the new eco-system, and create the next-generation data & blockchain ecosystem in the region, under the leadership of the Ministry of Transport, Communications and Information Technology (MTCIT).
The agreement was formalized at a ceremony held recently in the presence of Eng. Said al Maawali, Minister of Transport, Communications and Information Technology. Mr. Hisham Malak, Board Member of Phoenix and Under-Secretary of the Department of Finance of Abu Dhabi, also attended the ceremony.
Founded in 2016, the Phoenix Group manages 725 megawatts of mining capabilities across global facilities, with a presence spanning Canada, North America, the United Arab Emirates, and more. With a strong international presence, the group operates diverse locations and employs over 177 professionals from 16 different nationalities.
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
