Deal signed to install $300m crypto-mining farm

24 August 2023

in Mining

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Oman-headquartered Green Data City and Abu Dhabi’s Phoenix Group have signed an agreement to develop a 150MW crypto-mining farm in Oman.

The new farm will be set up in Green Data City and should be fully operational by Q2 2024, becoming one of the largest crypto-mining data centres in the region.

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Phoenix Group is experienced in the development, operation, and management of crypto data centres. It is also the exclusive distributor of industry-leading mining equipment, MicroBT.

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Oman was chosen as a location due to the long-term security provided by the Green Data City mining license, the entities’ common vision to develop cryptocurrencies mining and AI applications with the Ministry of Transport, Communication and IT (MTCIT), and the cooler weather in Oman, in particular in the region of Dhofar, which reduces the cooling energy consumption to a minimum, making the sultanate a sustainable destination for mining in the region.

Environmental and social responsibility being at the top of the mission statement, the developers will build the $300m farm, with modular units to reduce the impact on the land, install solar shades, and employ specialised technicians from the local community.

Partnership with Oman universities

Younger students and graduates can gain exposure to the mining operations through a partnership with universities in Oman. This is part of a long-term strategy to strengthen the country’s capabilities in crypto-currencies, next-generation finance and IT innovation.

Green Data City has already completed the proof-of-concept phase started in November 2022, with four mining companies on site (four miners from Oman and one international), and with the most advanced immersion cooling systems to avoid consuming water.

The company aim continue allocating mining capacities, under the leadership of the MTCIT, and provide a stable ecosystem for crypto infrastructure, with power consumption reduction, renewable electricity and long-term contracts for miners.

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